Change at Euro Disney -5/20/05

Confronted with ongoing losses at its theme parks near Paris, Walt Disney Co.'s Euro Disney operation on Thursday announced that it had replaced the resort's French chief executive with a company insider.

Disney said it replaced Lacroix with Karl Holz, 54, a former Walt Disney World executive and head of the Disney Cruise Line.

The move follows a record loss of nearly $190 million for Euro Disney in the year ended Sept. 30. Although results have since improved, the resort continues to lose money, recording a loss of $105 million for the six months ended March 31.