Walt Disney Company (DIS)

Item 8.01 Other Items

On June 28, 2006, the Board of Directors of the Walt Disney Company elected independent Disney Director and former Procter & Gamble Chairman and Chief Executive Officer, John E. Pepper, Jr., to serve as non-executive Chairman of the Board, effective January 1, 2007. Mr. Pepper will succeed Senator George J. Mitchell, who has served as Chairman since March, 2004.

Last December, the Board of Directors requested that Senator Mitchell postpone his planned retirement at the 2006 Annual Meeting of Shareholders and stand for re-election to facilitate an orderly chairman succession process. With the selection of his successor as Chairman now in place, Senator Mitchell will step down as Chairman and retire from the Board on December 31, 2006.

John Pepper, 67, was named Chairman and Chief Executive Officer of Procter & Gamble in 1995 and retired from Proctor & Gamble in 2002, after 38 years of service. In 2003, he retired as chairman of the Executive Committee of the Procter & Gamble Board of Directors. As Chief Executive Officer of Procter & Gamble, he helped lead the company's business in developing markets, particularly Eastern and Central Europe and China. From 2004 to 2006 he was vice president for Finance and Administration at Yale University. Mr. Pepper currently serves as Chief Executive Officer of the National Underground Railroad Freedom Center.

Mr. Pepper began his career with Procter & Gamble in 1963, was named general manager of Procter & Gamble Italia in 1974 and promoted to group vice president in 1980. In 1984, Mr. Pepper was elected to the company's board of directors and in 1986 was named president. He served as Successor Trustee of the Yale Corporation from 1995 to 2003, which included election by his peers to the post of senior fellow for his last 2 years.

Mr. Pepper is a director of Boston Scientific Corp and of PSI (Population Services International), and serves on the executive committee of the Cincinnati Youth Collaborative.