I guess after helming Disney for 15 years, Bob Iger has become so good at being the company’s CEO that Disney just can’t think of a world without him, or at the very least, can’t think of someone good and experienced enough to take over. Here’s how long Iger plans to stay on as Disney’s CEO.
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Disney Shareholders Extend Bob Iger’s Tenure As Company Plans To Reinvent Itself
Who else predicted that Iger won’t be stepping down as Disney’s CEO at the end of the year as originally planned? Yes, it was a shock to the entertainment industry when Iger returned to his former role as CEO after stepping down following a 15-year tenure.
At the time of his return, a statement was put out to say that he’s only returning to seek out a worthy successor and would soon pass the torch. Well, we can torch that statement because Iger has extended his contract until 2026.
“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,” Disney chairman Mark G. Parker said. “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.”
In February 2020, Disney veteran Bob Chapek took over from Iger as CEO, while Iger remained on as chairman. However, Chapek’s run was not as profitable and stable as the board would have wanted so they voted to have Iger back.
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Bob Iger Says He’s Back To Help Orchestrate Disney’s Big Transition
The world of entertainment is a constantly shifting world, and with streaming platforms popping out original movies, Disney would, sooner or later, he forced to find their place. And according to Iger, it’ll happen sooner rather than later. To be able to do that, Iger will be at the helm during this transformative stages to ensure a smooth transition.
“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,”
Iger said. “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.”
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