Disney has extended Bob Iger‘s contract for another two years. He will continue to serve as the company’s CEO until the end of 2026 instead of 2024 as originally planned.
“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 Mark Parker, chairman of the Walt Disney Company.
“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.”
Iger, who will stay on at Disney through 31 December 2026, returned in November last year. He served as CEO and chairman between 2005 and 2020, and then as executive chairman and chairman of the board through 2021.
Since Iger came back as CEO and replaced Bob Chapek, Disney has changed some of the most unpopular policies at its US parks. Iger has also admitted that Disney’s theme park pricing strategies were “too aggressive” in the company’s “zeal to grow profits”.
“Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve been facing from the broader economic environment and the tectonic shifts in our industry,” said Iger.
“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.”
Disney CEO gets more time to find successor
Iger is referring to Disney’s layoff of 7,000 employees to save $5.5 billion in costs. This year, Disney has also announced it is closing Walt Disney World’s Star Wars hotel experience, and is cancelling its planned campus in Lake Nona, central Florida.
He continued, “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.”
As well as identifying a new CEO, Iger is searching for a new chief financial officer to succeed Christine McCarthy, who stepped down last month.
