File picture of Robert Iger, president of the Walt Disney Company. Iger was named by the company's directors to succeed CEO Michael Eisner, who last year announced his decision to retire(AFP/File/Tim Sloan)

The Walt Disney Co. said Sunday its president, Robert Iger, will succeed Michael Eisner as chief executive and that Eisner will leave his post one year earlier than previously announced.

The company said Iger was unanimously elected by the board at a meeting Saturday and will take charge Oct. 1, which is the start of Disney's 2006 fiscal year . Eisner will step down the day before, although he will remain on the board for another year. Disney will pay him through Sept. 30, 2006, when his contract expires.

Eisner will end his tenure at the media and theme park company after serving 21 years. Iger will become only the sixth leader of Disney in its history. 

The announcement came under immediate fire from two prominent shareholders who questioned the integrity of the process, noting Iger's insider status and close ties to Eisner.

But Disney board chairman George Mitchell said Iger's choice came after a "lengthy, thorough and professional selection process" that included serious consideration of outside candidates. He declined to be more specific, but an eBay Inc. spokesman confirmed Sunday that eBay CEO Meg Whitman had withdrawn her application for the job Friday after being interviewed.

"We believe Bob Iger represents the right blend of continuity , of very successful performance … and a recognition of needed change" in the areas of new technology and expanding the company's business in Asia, Mitchell said during a conference call with reporters.

"This is not a huge surprise," said Paul Kim, an analyst for New York-based Traditional Asiel Securities. He said Disney has done a good job of cutting costs and increasing profits over the past 18 months, and Iger's challenge will be to continue that momentum.

During Sunday's conference call, Mitchell strongly denied charges made by former board members Roy E. Disney and Stanley Gold that Eisner inappropriately participated in candidate interviews. The two also alleged that some external candidates declined to be interviewed because of Eisner's role.

(China Daily)

fiscal year : 公司財年

continuity: the state or quality of being continuous（連續性，連貫性）