Disney Extends Bob Iger’s Contract as CEO Through 2026
Iger will remain CEO of Disney for two more years. Iger and the Board want to ensure Disney is strongly positioned when Iger’s eventual successor takes over.
The Walt Disney Company has extended CEO Bob Iger’s contract by two years. Iger will remain CEO through December 31, 2026.
Iger when he returned in November 2022 said that he would only be at Disney through December 2024. However, Disney is in the middle of a huge transformation and is facing many challenges. It’s clear that the Board wants a steady hand to guide them through these ongoing challenges.
The Board remains active in trying to find a successor for Iger. They will continue to look at internal and external candidates. Iger will also help Disney through its transformation, as being around until 2026 buys him some much-needed time.
“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. 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.” — Bob Iger
Bob Iger was the CEO of Disney from 2005 to 2020. He was then Executive Chairman of Disney from 2020 to 2021. Iger ended up returning to Disney as CEO in November 2022. He will now stay on board as CEO until 2026.
Bob Iger has had a historic run as Disney CEO. Iger reshaped The Walt Disney Company through the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019). Iger was also pivotal in Disney’s opening of Shanghai Disneyland. During his tenure, Disney released record-setting films like Avengers: Endgame, Frozen, Black Panther, Star Wars: The Force Awakens, and many others. Iger also shepherded Disney+, the company’s streaming service.
My thoughts on Bob Iger’s extension
Why wouldn’t Bob Iger extend his contract? He clearly loves Disney. He clearly loves the job, warts and all. The money is mind-blowingly good, what’s not to like? It also helps he’s beloved by fans and cast members. Even when Iger does something bad, it rarely falls on him.
And let’s be realistic for a moment…
What else is he going to do? Sail on his yacht and invest in random startups? He already did that during his break from Disney. I don’t think he has any desire of doing any more investor-type work. I’m sure he wouldn’t mind sailing though.
It also helps that Iger is like the youngest 72-year-old of all time. Iger staying on a few more years makes perfect sense from his point of view. It simply boils down to, what else is he going to do and is there anyone better to run Disney than him right now? (Obviously, this can be debated!)
The Board had to of known this was going to happen when they brought him back in 2022. It was going to be hard to part ways with Iger in 2024. It would’ve been a quick turnaround. If you’re bringing back a beloved boss it’s hard to kick them out.
The Board kicked the succession question down the road to 2026. It’s also clear there is a bake-off happening between Disney Parks, Experiences, and Products Chairman Josh D’Amaro and Disney Entertainment Co-Chairman Dana Walden. Both D’Amaro and Walden will be attending Sun Valley with Iger. Also, when it comes to succession there will likely be a ton of external candidates that will make a play for the Mouse House throne. I wouldn’t be shocked if prominent shareholders start to make a play for certain internal/external candidates.
Iger has a lot of work to do. He bought himself and Disney some time though. Iger needs to address Disney+’s strategy, reignite Disney’s box office powerhouse, and make sure the Disney Parks continue to grow and prosper.
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Zach Perilstein is the Editor-in-Chief of the Boardwalk Times
