Longtime Disney ( DIS) chief Michael Eisner has given up his seat on the company board, something the controversial media leader was not expected to do until next year.

The resignation came on the same day that his successor Robert Iger took the helm at the Burbank, Calif., company Eisner had run for over 20 years. Eisner's contract stipulated that he could serve in a consulting capacity following the end of his term as chief executive.

In a filing with the Securities and Exchange Commission, the company said "on September 30, 2005, Michael D. Eisner tendered his resignation from the Board of Directors of the Registrant, effective immediately. Mr. Eisner's status as Chief Executive Officer of the Registrant ended at the conclusion of the Registrant's fiscal year on October 1, 2005, and he no longer provides any services for the Registrant."

The filing also outlined Bob Iger's compensation, saying that the new chief's salary will be at least $2 million per year through his five year contract, plus bonuses of over $7 million per year tied to performance. Iger will also receive 500,000 shares that vest over the life of his contract.

Shares of Disney were set to open at $24.09 on Friday.