Disney's Board of Directors Respond to Eisner's Letter

The following statement is attributable to Sen. George Mitchell, Chairman of Disney's Board of Directors, on behalf of the Board in response to Michael Eisner's letter to the Board stating his plans to retire as CEO after his present agreement concludes on Sept. 30, 2006.

"We respect Michael's decision. We are deeply grateful for his remarkable 20 years of creative leadership. With this advanced announcement of Michael's plans, the Board will continue to pursue its ongoing deliberative process regarding succession even as Michael continues to lead the company to achieve its goals."