Disney chief quits

Walt Disney chief executive Michael Eisner is to quit the entertainment giant after a turbulent two decade relationship.

In a letter to the board, Eisner said: “I plan to retire from my role as Chief Executive Officer of the company upon the conclusion of the term of my employment agreement on September 30, 2006.”

Over the past year, Eisner’s leadership abilities have been questioned by former Disney board members Roy Disney and Stanley Gold, who have led a campaign against Disney through their Web site, SaveDisney.com.

The former board members said Eisner was responsible for turning the company in the wrong direction.

“I know it has been a very challenging time for the board members during this period, and I am most grateful for all of the time and effort, consideration and support, and concern for the company that all of you have demonstrated,” Eisner said in his letter.

Eisner also has lost confidence among investors, namely leaders of state pension funds in six states that have urged Disney to become more independent and more aggressive in finding a successor for Eisner.

Eisner was named Disney’s chief executive in 1984 and helped rebuild the company.

But Disney has faltered in recent years as the performance of its animated films, ABC broadcast network and theme parks declined.