The Walt Disney Co. said its board extended Bob Iger’s contract to serve as CEO for two additional years through December 31, 2026.
Iger returned to the company last year as CEO, replacing his successor Bob Chapek.
Iger’s main mandates were to find a long-term successors as CEO and to boost profitability, mainly by cutting losses at the company's streaming business. Iger promptly announced a plan to reduce costs by $5.5 billion, in part by laying off 7,000 of the company’s employees.
“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 of The Walt Disney Co. “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 was a highly successful leader for Disney. During has first 15 years as CEO, the company acquired Pixar, Marvel, Lucasfilm and 21st Century Fox and launched the Disney Plus streaming service.
“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,” said Iger.
“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,” Iger said.
