Litvack to resign as Disney Vice Chairman

Litvack to Resign Post as Disney Vice Chairman

Sanford M. (Sandy) Litvack will resign his post as vice chairman of The Walt Disney Co. at year-end to pursue other opportunities, it was announced today by Michael D. Eisner, chairman and chief executive officer.

Litvack will move to a non-exclusive "part-time" executive role at Disney, Eisner said, focusing primarily on legal and governmental affairs, as well as corporate alliance relationships and sports operations. Litvack will continue to represent Disney on the Supervisory Board of Euro Disney S.C.A.

"I regret Sandy's decision, but I accept it and respect his desire to pursue new ventures," Eisner said. "He is a valued counselor, adviser and friend. I know the other members of our board join me in wishing him well. We are delighted that we will still have the benefit of his talents, including our relationship with Euro Disney.

"Sandy has provided tremendous leadership and guidance to us during his 10 years with The Walt Disney Co., particularly during the very difficult period following the death of our late president and COO, Frank Wells, in 1994.

"Sandy's superb knowledge of business and legal affairs has been invaluable during the tremendous growth we experienced over the last decade. He was instrumental in the Capital Cities/ABC acquisition which has become a growth engine for the company. We have been very fortunate to have had him with us."

Litvack joined Disney in early 1991 as senior vice president and general counsel, moved to the post of executive vice president, law and human resources, became senior executive vice president and chief of corporate operations and then vice chairman of the board.

"I have enjoyed my experience at Disney immensely -- especially the opportunity to work with Michael, Bob Iger and the rest of a very special group of people," said Litvack.

"It has been a challenging and exciting phase of my career. I am proud of the growth of the company and my contributions during the years I have been with Disney. Now, I am anxious to take on new challenges, both in the legal and business arenas, as well as serving as a member of other boards of directors."

-- Posted October 13, 2000

Source: Company Press Release