MUMBAI: Walt Disney has said that its CEO Michael Eisner will step down in September 2006, when his contract expires.
 

In a letter to the Disney board Eisner said, "Until then I shall continue to exert every effort to help the company achieve our goals, to assist the board in selecting the new chief executive officer, and to make the transition expeditious, efficient, and smooth and easy.

"I know that 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."

However Antony Gifford, who helps manage about $2 billion of US stocks at Henderson Global Investors in London was quoted in a Bloomberg report expressing disappointment that Eisner would only leave after another two years.

" We believe that Disney has some attractive assets that are worth more than the share price suggests. But Eisner wasn't the man to unlock that value.''

Meanwhile, in an earlier interview with the Wall Street Journal, Eisner had maintained that he didn't make the decision to step down because of pressure from Roy Disney and Gold or Comcast's takeover bid.

As had been reported earlier by Indiantelevision.com, Eisner had earlier said that he wanted Disney President and COO Robert Iger to succeed him. However, in his letter to the board, Eisner made no mention of Iger

It may be recalled that in November 2003 former Disney directors Roy Disney and Stanley Gold had resigned from the board to wage a campaign against Eisner.