Trouble In Toontown
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In Walt Disney Co.'s The Lion King, rituals of leadership and succession form the backdrop for an animated epic. At Disney's Burbank (Calif.) headquarters, the same drama has been playing out for real since Frank G. Wells, the company's president, died in a helicopter crash earlier this year.
The Disney theatrics took yet another stunning turn on Aug. 24: Jeffrey Katzenberg, the talented and powerful chairman of Walt Disney Studios, announced he would leave the company when his contract expires at the end of September. Katzenberg had asked to be promoted to president and chief operating officer, say industry executives. When Disney Chairman Michael D. Eisner demurred, Katzenberg opted to bolt.