The past year also brought changes to our Board of Directors. We said goodbye to one of our longstanding Board members and welcomed a new one. Father Leo O'Donovan, President Emeritus of Georgetown University and a professor of theology at that fine institution, retired after 11 years of dedicated and distinguished service. Father Leo's wise counsel, scholarly insight and sense of fun will be missed.
We are delighted that Susan Arnold has joined Disney's Board. Susan has had an illustrious career at Procter & Gamble, where she is President, Global Business Units. Her expertise in connecting with consumers and in producing consistent growth from a broad portfolio of brands fits perfectly with our own goals. We are really excited to have her on our team. Our Board represents a diverse group of people with a broad set of interests and experiences, which I value greatly.
In my two years as Chief Executive, I've come to appreciate the breadth and depth of The Walt Disney Company even more. We have passionate, committed, talented and experienced Cast Members. Nurturing the vibrancy of the creative process, taking full advantage of the opportunities offered in emerging markets and by new technology and building on the huge potential of this great Company and its fantastic legacy is a truly inspirational challenge. I'm both a little humbled and totally thrilled to be leading Disney at such a wonderful time in its history.
Everyday, the people of The Walt Disney Company wake up to the challenge of exceeding the lofty expectations of our Guests and consumers. That's a huge responsibility, but one that we are honored and excited to live up to. So, on behalf of the 137,000 Cast Members and employees of Disney who work to create special memories and experiences that our consumers enjoy around the clock and around the world, I'd like to thank you personally for your continued support.
Robert A. Iger
President and Chief Executive Officer,
The Walt Disney Company
December 13, 2007
Non-GAAP measures referred to in this letter are reconciled with the nearest GAAP equivalent on pages 12 and 13 of this report. A reconciliation of earnings per share excluding certain items to GAAP earnings per share is under Financial Highlights.
Top: Guests take a spin with the Mad Hatter at Walt Disney World.
Bottom: Walt Disney Animation Studios' The Princess and the Frog is scheduled for release in 2009.
