Disney has extended the contract of CEO Bob Iger for a further three years.
A reporter confirmed on Twitter that Disney has extended the CEO’s contract through 2026, meaning Iger will remain in his position until at least the end of that year. The company reportedly voted to extend Iger’s contract, which resulted in a unanimous decision in favor of his continued tenure, and described him in a press release as having “an unparalleled ability to successfully transform Disney to drive future growth and financial returns…”
According to Disney, the extension comes from an effort by the company’s board of directors to provide “consistent leadership.” Hence, the company has more time to formulate a consistent method of succession for incoming CEOs. The decision comes a year after predecessor Bob Chapek stepped down suddenly in the aftermath of the COVID-19 pandemic and political controversy regarding Florida’s “Don’t Say Gay” bill.
Bob Iger Will Continue to Lead Disney for Two More Years
Iger had announced his retirement prior to Chapek’s exit, though he returned after his sudden exit. Iger was originally meant to exit his position in 2024, but his extension will keep him in the position for another two years.
In just one year of his term, Iger’s run as CEO has been met with turmoil as the company faces several economic downturns as a result of dwindling box-office returns for some of their major blockbuster films like Elemental and Lucasfilm’s Indiana Jones and the Dial of Destiny. Disney has also been the subject of major lawsuits from Florida Governor Ron DeSantis as a result of their stance on LGBTQ+ issues.
The company is also facing production halts and inevitable delays as the Writer’s Guild of America expands the breadth of its ongoing strike, demanding fairer pay and royalties for content released on streaming services and the expansion of AI-generated art. Disney itself has come under fire for the use of AI in the opening sequence for the recent Disney+ Marvel series Secret Invasion.
Despite these ongoing issues, Disney’s board of directors stated that the company is attempting a major transformation and that Iger’s continued leadership will be critical to its success moving forward. Iger has yet to discuss his plans as the CEO in the coming years, though the company has been vocally optimistic about his return.
Iger’s contract as CEO will now last until Dec. 31, 2026, by which point the company reportedly plans to develop a plan for a more fluid succession of incoming CEOs.
Source: Twitter