The End of Eisner's Ride? Don't Bet on It.

I woke up and saw on this morning's front page of The Wall Street Journal:  "Disney's Eisner Will Quit in 2006 After Surviving Bruising Battles".  No, I wasn't dreaming.  Michael Eisner has announced his intention to step down as Disney's CEO when his current employment contract ends in 2006.

Are you letting out a cheer?  Popping those champagne corks?  Not so fast, Bub!  Do you really think this will be the last we hear of Michael Eisner?

Note that Michael's letter to the Board says very specifically that he will "retire from my role as Chief Executive Officer" on September 30, 2006.  It doesn't say he intends to retire completely or that he intends to have no role in The Walt Disney Company going forward.  Here's what I think:  Michael will step down as CEO, but he instead will take over as the Chairman of the Board, where he will still exert a great deal of power over the company and will be able to pull the puppet strings on his hand-picked successor, Robert Iger.

Be honest:  Did you really think Michael Eisner would go this easily?  I doubt we've seen the last of him yet.