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Disney extends Bob Iger’s contract as CEO through 2026
The Industry Jul 12, 2023
The Walt Disney Studios. | Photo by Gareth Simpson (CC BY 2.0)
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Bob Iger will remain CEO of the Walt Disney Co. for an additional two years, with the company announcing Wednesday it has extended his contract through Dec. 31, 2026.
Iger had stepped down as the company’s CEO and chairman in 2020, after 15 years at the helm, but returned last November when Disney ousted Bob Chapek from the position. Iger originally agreed to return to the company for just two years.
“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 in a statement Wednesday.
“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. 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.”
During his original tenure, Iger was credited with expanding Disney’s reach through the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox. He also oversaw the launch of the Disney+ streaming service in 2019.
“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 in a statement.
“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.”
