Joey Paur
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Bob Iger has extended his contract at the Walt Disney Co. and he will continue to lead the charge at the company through 2026. When Iger returned as CEO to replace Bob Chapek after his brief rocky run, it was originally only supposed to be for two years with “a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
That would have put Iger ending his reign as CEO at the end of next year, but he’s obviously not interested in stepping down. He’s in the Captain’s chair and he’s prepared to continue steering that ship.
Disney chairman Mark G. Parker said in a statement: “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. 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 shared: “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. 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. 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.”
He added: “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.”
There’s a lot of work that needs to be done at Disney as they’ve had several box office disappointments over the past few years. On top of that Disney is currently “in the middle of dealing with a host of internal issues in addition to the urgency to reinvent its linear TV businesses for the streaming era. Disney has been awash in losses for the past few years as it invested big in direct-to-consumer streaming platforms Disney+, Hulu, and ESPN+.”
It makes sense that Iger is going to stick around a little longer to put in the effort to try and get Disney running smoothly again.
Source: Variety