It was interesting to note Friday’s heavy press play that emphasized Robert Iger will step down as chief executive officer of The Walt Disney Co. --- even though the event doesn’t happen until four years from now, observes Grumpy Editor.
That action in The Wall Street Journal, for example, took up almost half a page under the headline, “Disney’s Iger Plans Exit.”
Actually, the first paragraph of the Oct. 6 news release from the Burbank-based media conglomerate --- that includes ABC, ESPN and amusement parks in its family --- read, “The Walt Disney Company (NYSE: DIS) Board of Directors announced today it has agreed to extend Robert A. Iger's contract through June 2016 as part of the company's ongoing succession planning.”
The Los Angeles Times version was more in line as to the development with the headline, “Disney CEO Bob Iger signs new five-year contract.”
Under the agreement, effective 10 days ago, Iger will assume the role of chairman in addition to chief executive officer following Chairman John E. Pepper's retirement at Disney's annual shareholder meeting next March. Until then, Iger will remain president and chief executive officer.
Iger will hold the positions of chairman and chief executive officer through March 31, 2015, at which time a new chief executive will be named.
Then Iger will continue as executive chairman until June, 2016, when he is expected to retire from the company at age 65.
The use of terms such as “will step down” and “exit” connote a right-away happening --- misleading to some readers and investors.
Nevertheless, some editors got excited and gave it much print space.
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