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Article: Eisner Faces Uncertain Tenure at Disney, Golden Parachute at End.
- Article from:
- The Orlando Sentinel (Orlando, FL)
- Article date:
- February 22, 2004
CopyrightCOPYRIGHT 2004 The Orlando Sentinel. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Harry Wessel
Feb. 22--Michael Eisner's board of directors may have given him unanimous backing last week, but his longtime position as top gun at Walt Disney Co. is anything but secure.
In many ways, board members had no other choice but to back Eisner when they rejected a takeover bid from Comcast Corp.
Anything less "would have been a dereliction of their fiduciary responsibility" to Disney shareholders, said Jeffrey Sonnenfeld, who heads The Chief Executive Leadership Institute at Yale University.
That same responsibility to protect the interests of shareholders, however, could doom Eisner's tenure. Comcast's bid is low now, ...