Bob Iger’s second tenure at Disney is far from over. Wednesday, The Walt Disney Company board announced it agreed to extend Iger’s contract for two additional years. Instead of Iger departing from the company at the end of 2024, as he said he would upon his return, the executive’s contract now runs through the end of 2026.
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“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,” Mark G. Parker, Chairman, The Walt Disney Company, said in a statement. “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.”
The statement added that Iger’s contract extension was approved unanimously by the board and is now set to run through December 31, 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,” Iger added in the statement.
He continued, “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 first became Disney CEO in 2005 and oversaw the company’s acquisitions of Pixar, Marvel, and Lucasfilm, moves that turned Disney into an even bigger Hollywood juggernaut. No potential suitors for Iger’s role have surfaced yet, though some insiders suspect Disney CFO Christine McCarthy could be a frontrunner for the position.
