Gap Taps Disney Parks Chief as CEO

[longlivethepumpkins]

WOOHOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wow, that makes me happy!

[img]graemlins/party.gif[/img] [img]graemlins/beer.gif[/img] [img]graemlins/crazy.gif[/img]

I like the Roy Disney idea as well. Roy admits he's not the most creative person in the universe, but he believes in the ideals of Walt Disney and his father, which at this point is far more important. From looking at DisneySea, it's obvious that the Imagineers still have the touch - they just need someone who knows how to let them work their magic.

The times, they are a'changin'...

[master_gracey]

Well I'm just gald he's gone. When he was at Disney Stores it tanked, and since 98 the parks have not done well. So good riddance to bad rubbish.

[kansasteen13]

I think Roy Disney would be great,but Cynthia didnt decide on DCA Eisner did and Al Weiss is even worse look at what he is doing to WDW along with Pressler,I mean if it was Roy or Cynthia it would be good because Pressler just ignored Disneyland completely and I dont think anyone else would ignore it that much.

[OldDisneyFan]

Originally posted by JohnY:
Gap Taps Disney Parks Chief as CEO
Thu Sep 26, 9:26 AM ET

Statement by Michael Eisner On Paul Pressler's Departure as Chairman of Disney:
Statement by Michael Eisner

[mjstaceyuofm]

OH - I'm all for Roy Disney taking over the theme parks. I have no problems there. Realistically, do I think it will happen? No Way!

Unfortunately your choices are Harris, Weiss, or that guy who runs Euro-Disney - Rasulo. You're right, Cynthia Harris had nothing to do with the making of DCA, but she's been the DLR president for quite some time and the attendance #'s just keep plummeting for DCA. The "quick fixes" implemented under her tenure have done nothing but bomb and look at the fiasco's they've had at DL this past summer with Splash Mountain, Tom Sawyer Island, the carousel.... The list goes on and on. It's no worse or better than the garbage that we've put up with at WDW under Ei$ner/Pressler/Weiss.

When you get right down to it there's going to be no change in the philosophy of how the parks are handled until a few things happen - first and foremost Ei$ner's gotta get the axe. All he does is hire "yes" men and then cast them aside when he's called to the table (a la Pressler, the past 2 heads of ABC, the past 3 heads of the studio operations). It's a tactic Ei$ner uses to keep the gullable Board of Directors he has in place, in check. I could go on and on.

I'm just as happy to see Pressler go, but until we see a replacement for him, the five-year plan Ei$ner presented to the Board this past Tuesday, and an Ei$ner successor named - I'll remain a bit pessimistic. The really scary part is there's whispers all over the place that this five year plan is nothing more than a few bones and a whole lot of COST-CUTTING. Scary!

[mickclub1955]

Believe it or not Merrill Lynch sees this as a bad thing. Boy do they need a reality check. I guess they need to be educated. I wish Dick Nunis could come back. If someone could coax him out of retirment.

[bemster]

I'll do it! Pick me! Pick me!

[Ian]

The thing is ... What they really need is someone in charge who can just set the vision. Let the Imagineers and everyone else do what they do ... as someone else said they've proven they can still cut the mustard in Tokyo, as long as they have the funding.

The other important quality has to be the ability to stand up to Eisner and stop allowing parks to be the funding vehicle for every other lainbrained project in the company.

This means, of course, that there is no way we'll get the right person since Eisner would never put someone in the job who would stand up to him.

[Brian]

What really baffles me is how all these analysts in the news thought Paul was such a great asset to the company. On top of that, you have Eisner's press release saying the same thing. I'm hoping that all of this praise of him isn't a sign that they're gonna hire another clone to replace him.

I never put too much thought into it before, but I think it really is time for Eisner to go. I mean, when Pressler was around, Eisner did nothing to change the direction Pressler took the parks. To me, that's a sign that Eisner approved of everything that he did. I think a true shake-up in the executives will give this company the breath of life it needs to become an innovator and leader once again. Since the mid to late 90s, they've become stale.

[ParkHopper]

Reuters Company News
Exit of Disney parks head seen as possible blow

By Ben Berkowitz

LOS ANGELES, Sept 26 (Reuters) - The sudden departure of one of Walt Disney Co.'s (NYSEIS - News) top executives from its most profitable division is regarded as a setback for the media giant as it struggles to revive earnings growth.

In a surprise announcement, Paul Pressler, the former chairman of Walt Disney Parks and Resorts, was named on Thursday chief executive of clothing retailer Gap Inc. (NYSE:GPS - News), effective immediately.

While analysts said the company has a breadth of talent from which to replace him, the departure of the 15-year veteran is likely to raise questions about Disney's ability to retain management. It will also put further pressure on Chief Executive Michael Eisner, already facing shareholder concerns over a declining stock price.

"In our opinion, he is Disney's best- and most-experienced executive and we view his departure as a loss for the company," Merrill Lynch media analyst Jessica Reif Cohen said in a research note.

As Pressler joins Gap, which is in the midst of a long-term plan to right itself, he leaves an operation in similar straits: Disney's sprawling theme parks division. The unit has 10 parks in the United States, France and Japan, and employs about 90,000 "cast members," as Disney calls the employees.

"What it says to me is Disney is a pretty tough place to work these days," said Rich Ingrassia, a media and entertainment analyst at Roth Capital Partners.

Eisner has faced shareholder pressure to map out a succession plan in recent weeks. With 18 years at the helm of Disney, Eisner is the longest-serving corporate chief among the 30 companies that make up the Dow Jones industrial average.

Eisner praised Pressler and his contribution to the company in a statement, calling him a "tremendous asset," without addressing his departure or a successor.

While industry watchers said there would not be much of a direct operational effect on Disney from Pressler's departure, some also said his loss could cloud perceptions of the company's turnaround efforts.

"Pressler is a seasoned executive and we believe he will be missed," UBS Warburg analyst Christopher Dixon said in a research note. "That said, the theme park division has a breadth of management talent and we would expect any one of a variety of park operating heads to step into (his) shoes."

In a letter to his staff, Pressler apologized for the haste with which the announcement was made.

"I have always said that none of us will be recognized individually until we are all recognized collectively," he said. "The happiness that I have experienced and any successes that I have achieved are simply because of this outstanding, dedicated, and loyal team."

But Dixon also said "the departure will resurface questions about Disney's ability to retain management and arouse further speculation as to senior management succession."

PROFIT CENTER

The theme parks unit is Disney's biggest profit driver, accounting for 40 percent of operating earnings last year. But in the fiscal third quarter ending in June, the division's revenue fell 5 percent from a year earlier to $1.8 billion, while operating income fell 17 percent to $467 million.

The company also has said there were signs the current quarter could be weak as well, a prognosis that disheartened analysts and prompted Disney to lower estimates.

Tim Wallace, who follows Disney for Banc of America Securities, said the company's theme parks unit has been hurt more by the slump in travel over the past year rather than management missteps.

"The problem at the theme parks is a macro issue. It is not an operational issue," he said.

Another Disney executive also said he was confident that the parks division would not suffer.

"Paul built up a fantastic organization underneath him. Frankly, it will never miss a beat," Dick Cook, the chairman of Walt Disney Studios, said at an investment conference in San Francisco.

Disney shares closed 47 cents higher, or 3.1 percent, to $15.90 on the New York Stock Exchange as they tracked a rebound in the broader market.

For the year, Disney stock is down close to 25 percent and has bounced from an eight-year low of $13.52 in mid-August.

The stock has been hurt by a number of factors, including theme park performance, difficulties at its ABC television network, which trails rivals NBC and CBS in the ratings, and corporate governance questions.

[DAKChuck]

Hmmmmmm...

I don't know that Pressler was the spawn of evil. I never had an issue with him. I think the major problem with Disney now a days is that they are taking on tooooooooo many ventures. ABC is droping coins into quicksand right now. The parks account for around 40% of the profits. The park division is holding everything else up.

I would like to see Judson Green.

[kansasteen13]

Intercotwest has the news on the new president of theme parks,it's the DLP president which is really bad.also Dick Nunis would of been really cool but Eisner would have probably not been able to handle him being around.also DAKChuck I dont see how you could not have a problem with him he has ignored Disneyland,helped ruin Walt Disney World and then some.now the only good thing is the Cruise,gotta love that cruise.

[Tekneek]

Maybe Gap stores will start closing all over the place.