Bob Iger will remain Disney’s CEO through 2026 as he extends his contract

Bob Iger extended his contract with Walt Disney Co. and will continue to lead the company through 2026. When Iger returned as CEO to replace Bob Chapek after its short, troubled run, it was originally intended to last just two years with “a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board to develop a successor to lead the Company upon completion of his mandate”.

That would have led to Iger ending his reign as CEO late next year, but he’s obviously not interested in stepping down. He’s in the Captain’s chair and he’s ready to continue steering that ship.

Disney Chairman Mark G. Parker said in a statement, “Time and time again, Bob has demonstrated an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning a reputation as one of the best CEOs of the world. Bob has once again set Disney on the right strategic path for continued value creation, and to ensure the successful completion of this transformation while allowing ample time to position a new CEO for long-term success, the Board determined that it is in the best interests of shareholders to extend his term and accepted our request to remain chief executive officer through the end of 2026.”

Iger said, “Since my return to Disney just seven months ago, I have examined virtually every aspect of our businesses to fully understand the tremendous opportunities ahead, as well as the challenges we have faced from the broader economic environment and tectonic shifts in the our sector. On my first day back, we started making big 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 still a long way to go before this transformational work is completed, and because I want to make sure Disney is well positioned when my successor takes the helm, I have accepted the board’s request to remain CEO for another 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 keenly focused on a successful transition.”

There is a lot of work to be done at Disney as they have had several box office disappointments in recent years. Additionally, Disney is currently “in the midst of dealing with a number of internal issues as well as an urgency to reinvent its linear TV businesses for the streaming age. Disney has been awash in losses in recent years as it has invested heavily in direct-to-consumer streaming platforms Disney+, Hulu and ESPN+.

It makes sense that Iger will stick around a little longer to commit to getting Disney running smoothly again.

Source: variety