Official Disney Press Release on Ovitz leaving

[Al Lutz]

Here it is gang, it's official:

[begin quote]

Subj: Michael Ovitz To Leave Disney
Date: 96-12-12 17:32:04 EST

BURBANK, Calif., Dec. 12 /PRNewswire/ -- The Walt Disney Company
(NYSE: DIS) today announced that its president, Michael S. Ovitz, will
leave the company by mutual agreement effective January 31, 1997. He
will continue to serve as an advisor and consultant to the company and
the Board of Directors.

"I will miss Michael's energy, creativity and leadership at Disney," said
Michael Eisner, chairman and chief executive officer. "We have been
doing business together while being friends for many years and I know
that both our personal and professional relationships will continue."

Said Mr. Ovitz, "Michael Eisner has been my good friend for 25 years and
that will not change, but it is important to recognize when something is
not working. I hope that my decision to leave will eliminate an
unnecessary distraction for a great company."

Disney said that it does not plan to announce a successor to Mr. Ovitz
but that it will continue to operate organizationally as it did prior to
his arrival.

"I am proud of the strong creative and management team that we have
developed over the past decade," said Mr. Eisner. "Disney will continue
to develop new businesses and to maintain its leadership position in its
existing businesses."

CO: Walt Disney Company
ST: California
IN: ENT
SU: PER

[end quote]

Hmmm, still nothing about that certain exec in Anahiem... ;)
Al
--
Al Lutz (alw...@aol.com) FDC Buzz Lightyear Official Proof of Purchase
Author of the D-I-G (Disneyland Info Guide) http://members.aol.com/alweho
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