Darkbeer
09-17-2004, 12:12 AM
http://www.nytimes.com/2004/09/17/business/media/17disney.html?pagewanted=1
Quik Quote: As such, he added, Mr. Eisner's announcement has put the board in an awkward situation. According to executive employment experts, a two-year search can be disruptive as employees inside the company jockey for position. The president's position will be vacant if Mr. Iger is promoted or decides to leave when his contract expires next September. And it will be difficult for the board to demand that Mr. Eisner leave sooner because he has already announced his plans to depart, Mr. Crystal said. According to Mr. Eisner's contract, if he stays until Sept. 30, 2006, he is entitled to a minimum $6 million post-termination bonus for the two following years, as well as remain a consultant and receive the same perquisites he was afforded as chief executive, which includes use of the corporate jet. It is unclear whether he can stay as a consultant and keep the same corporate perks if he leaves earlier.
Quik Quote: As such, he added, Mr. Eisner's announcement has put the board in an awkward situation. According to executive employment experts, a two-year search can be disruptive as employees inside the company jockey for position. The president's position will be vacant if Mr. Iger is promoted or decides to leave when his contract expires next September. And it will be difficult for the board to demand that Mr. Eisner leave sooner because he has already announced his plans to depart, Mr. Crystal said. According to Mr. Eisner's contract, if he stays until Sept. 30, 2006, he is entitled to a minimum $6 million post-termination bonus for the two following years, as well as remain a consultant and receive the same perquisites he was afforded as chief executive, which includes use of the corporate jet. It is unclear whether he can stay as a consultant and keep the same corporate perks if he leaves earlier.