Disney’s CEO, Bob Iger, has had a long run with the company. He first took over after former CEO Michael Eisner left the company in September of 2005 and held this position until the end of his contract in February of 2020. Bob Iger selected Bob Capek as his successor and served as Disney’s executive chairman until retiring in December of 2021.
That didn’t last long, as Bob Capek was terminated last November and Disney passed the job back to Bob Iger along with a two-year contract said to be worth at least $27 million annually. Shortly into this contract, Bob Iger announced plans to leave and that looking for a new successor was a main priority.
At first, he was only going to stay at Disney for a few years to help Disney find a new CEO. Now Disney has announced that it will keep Bob Iger on as Chief Executive Officer through December 31st, 2026.
This all comes as Disney is right in the middle of major cost cutting efforts and the changing world of TV. Disney plans to not fill or cut 7,000 jobs across all parts of its company.
This also comes as ad revenue is down for all companies hitting Disney hard in its TV business. This, plus the ever-growing popularity of cord cutting, has put extra pressure on Disney recently. Now it seems Disney’s board of directors has decided that Bob Iger is the right man to see them through the tough years ahead as they try to deal with the growth of cord cutting.
“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.”
“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 was inducted into the Television Academy Hall of Fame in 2020, and the Broadcasting and Cable Hall of Fame in 2015. In 2022, he was recognized as an Honorary Knight Commander of the Most Excellent Order of the British Empire by Her Late Majesty Queen Elizabeth II for his services to the UK / US relations. He is a graduate of Ithaca College.