http://www.nypost.com/business/42495.htm

QuikQuote: Disney's board of directors agreed to name Bob Iger as the company's next CEO only after a contentious board meeting in which current chief Michael Eisner agreed not to seek a continuing role at the media giant, The Post has learned. Four of Disney's 12 directors were initially hesitant to name Iger as Disney's next CEO, according to a source close to the matter.
The board finally agreed to name Iger — who was Eisner's preferred choice — to the post after Eisner agreed to not seek to remain on the board of directors after his current term expires in 2006.

When Eisner's term is up next year does this mean he is completely removed from the company, or just the CEO position?

The way the press release was written, and this article, looks like Michael Eisner will sever his ties with the company in September 2006 (He will be on the Board of Directors for the last year of his contract, when Bob Iger takes over on October 1st, 2005). He might return for a few special media events honoring long term anniversaries and cast members as a special guest, but he will have no official duties in running the company.

Now that doesn't mean he won't be picking up the phone and talking to Bob Iger on occasion (or maybe even more often ;)

Now that doesn't mean he won't be picking up the phone and talking to Bob Iger on occasion (or maybe even more often ;)grrreeeaaattt...

Roy Disney and Stanley Gold have sent E-mail to SaveDisney.com subscribers about their sentiments about recent events. They are none too happy. However, they do tell their subscribers their efforts did work, and that there is a date to look forward to on the calendar now that Michael Eisner will be out of Disney.

Except, as Darkbeer wryly suggests, via telephone, snail mail, E-mail, maybe even faxes.... and just "happening" to run into Bob Iger at various events, starting talking... holiday greeting cards... birthdays... anniversaries.... favorite restaurants... yada yada yada.... ;)