MUMBAI: Following a meeting that was held on 21 September, the board of the Walt Disney Company announced that a successor to CEO Michael Eisner would be chosen by June 2005.

An official release, revealing the outcome of the board meeting, says the Disney board plans to engage an executive search in selecting a CEO who possesses the qualities and experience that are essential for this important position.

"The Board will engage in a thorough, careful, and reasoned process to select as the next CEO the best person for the company, its shareholders, employees, customers, and for the many millions of others who care so much about the Walt Disney Company," offers the release.

Earlier last week Eisner had announced that he was stepping down as CEO. He had anointed company's second-in-command, the president and COO, Bob Iger as his successor.

"Bob Iger is the one internal candidate," the release says. "He is an outstanding executive and the board regards him as highly qualified for the position. However, the board believes that the process should include full consideration of external candidates as well." 

Once a new CEO is named, the board will then select a new chairman, adds the release.