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Bob Iger has had his Disney contract extended by two years as the company continues to search for a successor following his surprise return as CEO last year
Tom Anstey | Planet Attractions | 13 Jul 2023
Credit: Disney
Bob Iger is set to stay on at Disney until the end of 2026, the company has confirmed.
The Disney CEO unexpectedly returned to Disney in November last year after taking over from Bob Chapek, who left the company after less than three years in the role.
Iger had been set to hand over the Disney reins to a second successor in 2024. However it was speculated that he could stay on as CEO beyond his planned departure from the company following the abrupt departure of long-term CFO Christine McCarthy.
In an investor note, investment firm Loop Capital said that Disney’s board was “in a position where it will be performing both CFO and CEO searches almost simultaneously,” calling its current period “one of the most disruptive” in the history of the company.
“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Disney chairman Mark G. Parker.
“Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain chief executive officer through the end of 2026.”
Following his return, Iger has been working hard to boost profitability from Disney’s streaming initiatives, including Disney+. In an effort to save US$5.5bn (€5bn, £4.3bn), the company recently shed 7,000 jobs. Iger has also been working to give more power to the leaders of Disney’s creative divisions, including Imagineering.
“On my first day back, we began making important and sometimes difficult decisions to address some existing structural and efficiency issues, and despite the challenges, I believe Disney’s long-term future is incredibly bright,” said Iger.
“But there is more to accomplish before this transformative work is complete, and because I want to ensure Disney is strongly positioned when my successor takes the helm, I have agreed to the board’s request to remain CEO for an additional two years. The importance of the succession process cannot be overstated, and as the board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition.”
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