Word: ovitz
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...Washington Post, columnist Robert J. Samuelson has suggested that Michael Eisner, the CEO of the Walt Disney Co., pay Michael Ovitz's severance package out of his own pocket. The $90 million Ovitz is due to receive for flopping as an executive, Samuelson says, has become a "public relations calamity" that Eisner could end by simply picking up the check...
...major events in DisneyWar are familiar: Eisner's fallings-out with lieutenants Jeffrey Katzenberg and Michael Ovitz, the turbulence at the acquired ABC network. But Stewart gleans fantastic fly-on-the-wall reportage from his inside access, interviews and Eisner's revealing notes and e-mails. Some of these incidents put Iger in a bad light just as the Disney board is considering CEO candidates. At the end of an argument between him and ABC chairman Lloyd Braun, Iger gets so agitated that he accidentally hits a waiter, who spills coffee down Iger's shirt. Not that Iger...
...crooked bookkeeping. (The directors owned so much WorldCom stock that they lost $250 million in its collapse.) In any event, the settlement could influence penalties in other high-profile cases, such as the shareholder suit against Walt Disney Co. directors over the $140 million paid to former president Michael Ovitz. Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware, says the WorldCom deal could have a "chilling effect" by making it tougher to recruit directors. Elson himself is on three boards and says the settlement "creates some introspection" as to whether he should continue...
...acclaim from Rushmore brought an avalanche of offers, almost all of which Murray ignored. In a typically idiosyncratic move, he decided to go agentless in 1999. (Michael Ovitz represented him until 1995.) He has since replaced a powerful talent agency with an automated voice mailbox. He gives out the 800 number sparingly and monitors the messages from his home overlooking the Hudson River in upstate New York. "I check in regularly," he says. But then adds, "Sometimes I don't check in. Things get busy. I got stuff to do. But you just can't have the phone ringing...
MICHAEL EISNER, Disney CEO, testifying about ex-president Michael Ovitz in a shareholders' suit to win back some of Ovitz's $140 million severance package...