"Emeritus" - Retired but retaining an honorary title corresponding to that held immediately before retirement.
Basically, he's a figurehead on the board there to keep people like me quiet. Iger's said he will listen to Roy's advice, but other than that, he technically has no power. I have great faith in Roy, and believe he wouldn't have backed down like he did without good reason. There's something up his sleave, but it will be awhile before it's played, I know.