Disney Selects New Chief For Theme Parks, Resorts

LOS ANGELES— The Walt Disney Co. has promoted James Rasulo, chief executive of Euro Disney, to the position of president, Walt Disney Parks and Resorts worldwide, which was recently vacated by Paul Pressler. Rasulo, who has been with Disney for 17 years, was one of several Disney executives considered for the post after Pressler left earlier this month to become chief executive of the Gap. After moving to France in 1998, Rasulo will be returning to the United States to help Disneys theme parks and resorts recover from the downturn in the economy and the Sept. 11 terrorist attacks. The theme park division makes up about 40% of Disneys operating income and until attendance picks up, analysts say the companys stock will remain depressed. Disneys shares have been trading near 12-month lows, not only because of the downturn at the parks, but because of troubles at its ABC network, which last year suffered a steep decline in viewers. As part of Rasulos new responsibilities, he will also oversee the Disney Cruise Line, Disney Regional Entertainment and Anaheim Sports, which manages the Anaheim Angels baseball team and the Mighty Ducks hockey team. Just last week Disney announced it had hired an investment bank to help sell its sports teams. He will also be in charge of international expansion, including the building of Hong Kong Disneyland, expected to open by 2006. Rasulo originally joined Disney in 1986 as a manager of the companys real estate businesses. He also spent three years with Disney Regional Entertainment, where he was part of the development of ESPN Zone. SOURCE: NY Times