Disney board splits chairman and CEO positions

The Walt Disney board voted to strip Michael Eisner of his chairman’s post while retaining him as CEO, only hours after shareholders delivered a stinging rebuke by withholding 43% of their votes for his re-election to the board.

Disney directors voted unanimously to split the chairman and chief executive duties and make board member George Mitchell the company’s new chairman, even as they voiced their continuing approval of Mr Eisner’s management and the company’s strategy.