On this day in 1995, The Walt Disney Company appointed Michael Ovitz as president under CEO Michael Eisner, filling the vacancy left by Frank Wells’ untimely passing in 1994. Ovitz was lured away from the Creative Artists Agency, which he helped to found in 1975. Sadly, the move would not last. Ovitz was not an ideal fit with the Disney culture, and he struggled to share power with Eisner. Ultimately, Ovitz was fired after 14 months with a $130 million severance package. [30 years ago in 2025]