Disney President
Ovitz resigned from CAA in 1995 to become president of the Walt Disney Company under chairman Michael Eisner. Ovitz quickly grew frustrated with his role in the company and vague definition of duties. After a tumultuous year as Eisner's second in command, he was dismissed by Eisner in January 1997 and left Disney with a (previously agreed upon) severance package valued at $38 million in cash and an estimated $131 million in stock.
Disney shareholders later sued Eisner and Disney's board of directors for awarding Ovitz such a large severance package. Later court proceedings reflect that Ovitz' stock options were granted when he was hired to induce him to join the company, not granted when he was fired. In 2005 the court upheld Disney's payment.
Read more about this topic: Michael Ovitz
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