Disney's Litvack Departs
Sanford M. (Sandy) Litvack, Michael Eisner's No. 2 at Walt Disney (DIS), will resign his vice chairman's post "to pursue other opportunities," the company said Thursday.
"I regret Sandy's decision, but I accept it and respect his desire to pursue other ventures, said Disney Chairman and Chief Executive Eisner. Litvack is not leaving Disney entirely; he will take on what the company calls a "nonexclusive part-time exeucitve role" in which he will focus on legal and governmental affairs, among other things.
While Litvack has long been a trusted Eisner confidant -- he joined the company in 1991 as general counsel and was promoted to the vice chairman position last year -- he hasn't been regarded as Eisner's heir apparent. Robert Iger, the company's president and chief operating officer, is currently regarded as the 58-year-old Eisner's likely successor.
Litvack perhaps most notably spearheaded Disney's legal battle with former executive Jeffrey Katzenberg over compensation Katzenberg thought was owed him. That suit, which was the object of rapt attention in Hollywood, was eventually settled. Litvack also is credited for his role in helping Eisner and Disney get through what Eisner described as "the very difficult period following the death of our late president and COO, Frank Wells, in 1994." Wells was killed in a helicopter crash.Disney shares were down slightly in midafternoon trading Thursday, falling 81 cents to $39.50.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV