August 24, 1994 – Jeffrey Katzenberg Steps Down as Head of Walt Disney Studios
“With heartfelt thanks and obvious regret, I wish him well in his future endeavors.” – Walt Disney Company CEO Michael Eisner
On August 24, 1994, Jeffery Katzenberg, the head of Walt Disney Studios, announced that he had resigned from his position. Although this had caught most of Hollywood by surprise, Katzenberg’s position at Disney had been up in the air since the passing of President of the Walt Disney Company, Frank Wells; there had been some obvious tension between Katzenberg and CEO Michael Eisner, who had refused to promote Katzenberg to Wells’ position. Although Katzenberg had helped to make Disney one of the most profitable studios of the era, the profitability came at a cost. It was announced that Joe Roth, the former chairman of 20th Century Fox, would be taking Katzenberg’s position.