Bob Iger Re-Ups Contract As CEO Of Disney Through 2026

Bob Iger will stay on board Disney as the company's CEO through 2026. The Walt Disney Companyannounced this week that the board of directors extended Robert A. Iger's contract as CEO through the end of that year. The company board pointed to Iger's successful leadership record and ongoing strategic transformation to meet industry challenges as the reasoning behind the extension.

Iger returned to the company as CEO in November 2022, replacing his hand-picked successor, Bob Chapek. Disney's Board of Directors unanimously voted to extend Iger's contract by two years. Independent members of the Board of Directors cited that the extension will provide Disney with continuity of leadership during its ongoing transformation. It will also allow more time for CEO succession, which remains the board's top priority.

Speaking via a press release, The Walt Disney Company Chairman Mark G. Parker stated on the news, "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." He continued, "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 himself said in his statement on the contract extension: "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. Despite the challenges, Disney's long-term future is incredibly bright." He added, "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. 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 originally scheduled to depart his latest run as CEO next year. His first run as CEO and Chairman of Disney went from 2005 to 2020, followed by a stint as Executive Chairman and Chairman of the Board through 2021. Disney's announcement noted Iger's return as marked a significant enterprise-wide transformation to restore creativity to the center of the company and position Disney's streaming business for sustained growth and profitability. Disney claims Iger's vision focuses on three pillars: generating the best creative content possible, fostering innovation by utilizing the latest technology, and expanding into new markets worldwide.

Iger's tenure has seen the company acquire animation company Pixar in 2006, Marvel Entertainment in 2009, Lucasfilm in 20212, and 21st Century Fox in 2019. Disney also opened its first theme park and resort in mainland China with the Shanghai Disney Resort and released multiple record-setting films under Iger's leadership. The company also launched its dedicated streaming service in November 2019 with Disney+.

As previously reported by The Blast, the shortlist of names of candidates to eventually replace Iger includes NBA Commissioner Adam Silver, Candle Media Co-Founder Kevin Mayer, and Disney Co-Chairman Dana Walden. Per The Hollywood Reporter, Disney doesn't have a successor in place yet, and the board has put together a committee that will focus on finding the next CEO to replace Iger.

Iger initially began his career at ABC in 1974. He joined the Disney Senior management team in 1996 as Chairman of the Disney-Owend ABC Group.