Walt Disney Company, the parent company of American TV networks ABC and ESPN, has named Robert Iger its new CEO.

"After a lengthy, thorough and professional selection process, comparing both internal and external candidates against our criteria for CEO, I am pleased to announce the decision of the Walt Disney Board of Directors to select Robert Iger as the company's next chief executive officer," said Disney chairman George Mitchell. "Bob is an experienced, talented and visionary leader who has made crucial and substantial contributions toward Disney's strong performance. On behalf of the entire Board, I want to express how excited we are at the prospect of Bob leading this extraordinary company and talented management team to new levels of financial and creative success in the years ahead."

The decision brings to an end the troubled tenure of Michael Eisner at the top of the company. In a shareholder revolt during 2004, Eisner was forced to give up the title of chairman. Eisner announced his intention to retire last year, but indicated he would stay as CEO until September 2006, at the end of his contract. Disney, however, seemed keen to speed the process along.

The 54-year-old Iger has been Disney's president and COO since January 2000. Of interest to media watchers will be the fact that Iger started his career at ABC in 1974. ABC was bought by Disney in 1996, and Iger joined the parent company at that time.