Bob Iger isn’t leaving The Walt Disney Company anytime soon, as he will stay on board as CEO beyond his previously announced end date.
The company announced that Iger has signed a contract extension that will leave him in charge of the house of mouse through 2026. The decision from the board of directors was unanimous.
“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,” said Mark G. Parker, chairman, The Walt Disney Company. “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.”
Iger returned to the company in 2022 after the board of directors cut ties with his successor Bob Chapek following multiple bad business moves including centralizing all revenue decisions in a single division while struggling to keep the business afloat during the coronavirus pandemic. Iger has since dramatically reorganized the company and cut costs, including some 7,000 employees, all in a bid to make its streaming business profitable and to stabilize a declining linear TV business.
As of now, there is no successor in place when Iger’s contract ends in 2026, but Disney’s board of directors has recently created a committee, whose sole focus is to find one when that time comes.