Eisner resigns Disney board of directors

Michael Eisner, who stepped down as chief executive of The Walt Disney Co. last week, has resigned his seat on the company's board of directors, the company said in a document filed Thursday with the U.S. Securities and Exchange Commission.

Eisner resigned from the board on Sept. 30, effective immediately, according to the filing. Robert Iger succeeded Eisner as CEO the next day.

Eisner, who led the media and theme park company for 21 years, had been expected to remain on the board until next spring when Disney elected a new board, AP reports.

The company also revealed details about Iger's contract. The new Disney boss is slated to receive $2 million (Ђ1.66 million) a year for five years, along with annual bonuses of $7.25 million (Ђ6 million) or more tied to his job performance, and other incentives.

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