Comcast complained when making its $66 billion bid for Disney in February that the media empire was, like Dopey the cartoon dwarf, unwilling to talk.

But at least Michael Eisner, the Disney chief executive, was listening. The quote that Brian Roberts, the Comcast chief executive, uttered on ditching the bid could as well have sprung from Mr Eisner's lips when he, reportedly, handed in his notice this week.

"Being disciplined means knowing when it is time to walk away," the line went. "That time is now."

It took a tempest to dislodge Mr Eisner as the Disney chairman. He was relieved of the position, which he had held for 20 years, in March after 43 per cent of shareholders withheld support for his re-election.

A period of quiet contemplation appears to have persuaded him of the wisdom of quitting the chief executive position, also held since 1984. According to The Wall Street Journal, Mr Eisner has chosen to step down when his contact expires in September 2006. His decision follows not on the heels of a shareholder rebellion, although many continue to call for his resignation, but a set of well-received results. Disney last month announced third-quarter profits up 20 per cent at $604 million, comfortably ahead of analysts' forecasts.

So the foundations, at least, have been set for a Disney-style happy ending to an Eisner reign which, having started so promisingly, foundered amid factors beyond his control – the effect of the September 11 attacks on the theme park business – and those largely within it - several high-profile defections and the loss of the contract with Pixar, the animation studio behind recent Disney cartoon successes such as Finding Nemo.

If Mr Eisner can repeat in his last two years the kind of success he inspired in his early spell, when Disney's revenues jumped from $1.65 billion to $22 billion in 13 years and its market value from $2 billion to $67 billion, he will deserve a fairy tale send off. His decision also allows the company to engineer the smoothest of transitions.

Yet there are at least three strong reasons for him to go sooner. The first would be to appease the many shareholders who desire his complete exit from the Disney boardroom. Mr Eisner's 24-month walk to the door will seem inordinately long to those who wanted him to go years ago.

The second would be to reduce any fear of a loss of discipline among senior staff, who have so far remained remarkably loyal to Mr Eisner but, with the top spot up for grabs, may reassess their interests. Disney may face, as well as rebellious shareholders, spirited managers jockeying for leadership of the succession race and must ensure they compete on terms of divisional performance and not internal politics.

The third would be to find out quite how Mr Eisner became the executive he did. While he has written a book on the importance of his experiences at summer cap in Vermont in the 1950s to his business thinking, publication of the tome was shelved in June. He lacked, apparently, the time to promote it.

In retirement he will have all the time in the world to explain how canoeing and campfires relate to corporate achievement, and, in particular, the rises and falls of the world's most famous media empire.

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