LOS ANGELES, Sept. 13 (UPI) -- A major pension fund is urging Michael Eisner to resign from the Walt Disney Co. board of directors, The Hollywood Reporter said Monday.
Eisner announced last week he will retire as Disney's chief executive officer after his current contract expires.
Sean Harrigan, president of the California Public Employees' Retirement System -- the nation's largest pension fund -- issued a statement calling Eisner's resignation as CEO "the right move for shareowners."
But Harrigan said CalPERS believes Eisner should also resign from the board.
"It is not clear to us how a two-year lame duck CEO will benefit shareowners," said Harrigan, "and his continued presence on the board would prevent the company from the clean break that is needed to restore investor confidence."
Harrigan said the Disney board should disclose its plan as soon as possible to name a successor to Eisner as CEO.