|
Ovitz out at Disney
|
 |
December 12, 1996: 9:13 p.m. ET
Once powerful executive resigns; denies rumors of feud with Eisner
From Correspondent Donald Van de Mark
|
NEW YORK (CNNfn) - Michael Ovitz, once regarded as the most powerful figure in Hollywood, resigned Thursday from his post as president of the Walt Disney Co.
Disney, in a statement, said the decision was by "mutual agreement," but Ovitz's departure came after much speculation that he and Disney Chairman Michael Eisner were at odds over how best to run the company.
"It is important to recognize when something is not working. I hope that my decision to leave will eliminate an unnecessary distraction for a great company," Ovitz said in a statement.
Ovitz joined Disney in August 1995 amid great fanfare over his ability to strengthen its ties with the top talent in the industry, and he was assigned the job of overseeing Disney's three operating units - filmed entertainment, theme parks and consumer products.
Revered and feared as the super-agent who built Creative Artists Agency, he was widely expected to excel at Disney and succeed Eisner.
But Ovtiz's enemies soon leaked details of the executive's struggles to find a power base within the Magic Kingdom and his fearsome fights with Eisner.
Both men deny a feud existed, and Ovitz will continue to serve as an advisor and consultant to the company and its board of directors.
Eisner said in a statement that the company will miss Ovitz's energy, creativity and leadership.
"We have been doing business together while being friends for many years, and I know that both our professional and personal relationships will continue," Eisner said.
Stuart Rossmiller, media analyst with Deutsche Morgan Grenfell, said Ovitz also may have had difficulty working for someone else. (113K WAV) or (113K AIFF)
Disney has had trouble finding a successor to Eisner since former president Frank Wells died in a helicopter crash in 1994.
Rumors persisted that Ovitz was in talks with Sony and Viacom, but both companies denied they had any intention of hiring him.
Ovitz has fallen far from his days as head of Creative Artists. He started with a job in the William Morris Agency mailroom and quickly rose from mailroom employee to television agent. In 1975, he left the William Morris Agency to co-found Creative Artists.
Sources close to the scene say Ovitz is leaving with a severance package in the tens of millions of dollars. 
|
|
|
|
|
|
Disney.Com Home Page
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
