Disney's chief executive officer Bob Iger extended his contract until 2026 in a unanimous vote. This means that he will be staying at the company longer than he originally said when he returned last year in a surprise announcement.
(Photo : Charley Gallay/Getty Images for Disney)
LOS ANGELES, CALIFORNIA - NOVEMBER 18: Disney Executive Chairman Bob Iger attends the Exclusive 100-Minute Sneak Peek of Peter Jackson's The Beatles: Get Back at El Capitan Theatre on November 18, 2021 in Hollywood, California.
Extending Contract as CEO
Bob Iger is set to continue leading Walt Disney Co. until 2026, defying expectations that he would step down as CEO by the end of the following year as initially intended, as predicted by numerous industry insiders. According to a report from The Verge, the Board of Directors voted unanimously to extend Mr. Iger's contract by two years.
They highlighted that this extension ensures continuity of leadership during the Company's ongoing transformation and allows sufficient time to implement a CEO succession plan, which remains a top priority for the Board. After serving as CEO and Chairman from 2005 to 2020, followed by his role as Executive Chairman and Chairman of the Board until 2021, Iger rejoined the company in November of 2022.
Since then, Iger examined virtually every facet of the businesses and understood opportunities, including the challenges from the broader economic environment in the industry. The CEO stated, "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.
Despite all these, he believes that there is more to accomplish before this transformative work is complete. Extending his contract with Disney will ensure the company how strongly positioned it is once his successor takes the position, hence why agreed for an additional two years.
Coming Back
In a surprising move, Variety reported that Disney made headlines in November 2022 by reinstating Iger as CEO, only less than a year after he had stepped down following a successful 15-year tenure. Disney emphasized that Iger's primary focus would be to identify a suitable successor. Once he came back, Iger stated that he made important and difficult decisions to address some existing structural and efficiency issues.
In February 2020, Bob Chapek, a longstanding member of the Disney team, assumed the position of CEO while he continued as chairman. Chapek faced significant challenges during his time as CEO, prompting the Disney board to bring back Iger. For Iger, the succession process is very important and cannot be overstated.
Also Read: Disney Layoffs 2023: First Round Reportedly Underway, to Terminate as much as 7,000 Employees
In the span of months, CNBC reported that Disney has been pulling programming from its services during his time as the CEO. Aside from this, the company is also trying to pull its animation business out of a major cut after Pixar's Elemental recorded the lowers opening weekend gross since 1995.
Iger also re-intergrated content and distribution operations in the company, including the promotion of Dana Walden to the top TV post and Alan Bergman who served as the co-chair of the Disney Entertainment.
Related Article: Bob Iger's Return to Disney May Change A Lot of Things Regarding Bob Chapek's Decisions
