Michael Eisner plans to step down as Disney chief executive when his contract expires in September 2006.
Eisner announced his decision to the board of Disney today in a letter.
His decision brings and end to a twenty-year reign at Disney. The Burbank, California-based company has one of the world's best-known brands, with businesses ranging from them parks, films and the ABC television network.
It also comes six months after Eisner narrowly survived an attempt by dissident shareholders Stanley Gold and Roy Disney, a nephew of founder Walt Disney, to oust him from Disney leadership. The attempted coup resulted in Eisner being stripped of his role as Disney chairman to be replaced by George Mitchell.
It is reported that Eisner denies any link between Disney's recent crises and his decision to step down. Instead he said that he had given the board two years notice in order to allow for a smooth transition.
In August, Disney reported said profit for its fiscal third quarter ended June 30 rose 20 percent to $604 million, or $0.29 per share, on revenue of $7.5 billion.
