After being removed as Chairman of Disney, Michael Eisner retains the office of Chief Executive Officer. But he appears to be going down. This situation reminds me of the ouster of Joe Antonini at Kmart in the mid-1990s, which I wrote about extensively here. In that instance, shareholders pressured a reluctant board into removing Antonini as chairman, but once Antonini had been identified as the problem, the shareholders wanted him gone altogether. It is hard to imagine Eisner recovering from this because he has built up a tremendous amount of hostility among Disney investors.

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