[MouseMan]

Disney board to discuss CEO's future
Report says company's directors will ponder a post-Eisner scenario at two-day strategy session.
March 8, 2004: 7:25 AM EST

NEW YORK (CNN/Money) - Walt Disney board of directors will gather next month at a two-day strategy session to possibly discuss the long-term succession of current CEO Michael Eisner, according to a report published Monday.

The Financial Times said Disney's directors are expected to discuss the succession by telephone before the April meeting.

The two-day strategy session, which will be the first formal gathering chaired by former Senate majority leader George Mitchell, also comes amid shareholder opposition to Eisner's leadership of the media and entertainment company.

However, the report said the board denied Eisner's future at Disney would be discussed on the agenda, pending a revised offer from U.S. cable group Comcast, which has made a $54 billion hostile bid.

The board has repeatedly dismissed Comcast's offer as inadequate and reiterated its support for Eisner as chief executive, the Times said.

Some critics of the company continue to push for more changes, including the departure of Eisner and Mitchell. Mitchell, Disney's presiding director, was promoted to chairman after a shareholder revolt at last week's annual meeting stripped Eisner of his dual role as chairman.

Roy Disney and Stanley Gold, former Disney directors who led the shareholder revolt, are considering possible legal action against the company and may recommend an alternative group of directors to other shareholders, the report said.

Additionally, the Times said U.S. state pension funds, which last week voted overwhelmingly against Eisner's reappointment, are demanding that regulators push into effect new rules that would allow them to nominate a replacement chief executive.

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