August 14, 1995 – Michael Ovitz is Named President of the Walt Disney Company
Image credit: http://michaelovitz.com/
“Mr. Ovitz described the meeting [with Michael Eisner] as ‘an interesting way to start my career at the Walt Disney Company.’”-David Teather, in The Guardian on October 27, 2004
On August 14, 1995, Michael Ovitz was named the new president of the Walt Disney Company by Disney chairman Michael Eisner. After co-founding the Creative Arts Agency in 1975, Ovitz resigned his position there in 1995 to accept the Disney position. However, he grew frustrated with the role as the second-in-command to Eisner, along with the scrutiny from the media, and announced his resignation on December 27, 1996, which became effective on January 31, 1997. His severance package included $38 million in cash and about $131 million in stock. He was succeeded by Robert Iger.
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