When Bob Iger returned to lead Disney, he said he’d only stay two years. Now it will be at least four.
Disney CEO Bob Iger has extended his contract through 2026, the company said in a press release. That means he’ll be staying at the company longer than he originally said back when he returned to the company. After his initial run as CEO from 2005 until 2020, Iger returned to Disney late last year in a surprise announcement, and at the time, he promised to only stay for two years and find a potential successor before his tenure was over.
Iger’s extended contract keeps him at the company until December 31st, 2026, according to a filing with the Securities and Exchange Commission.
In a statement, Iger said he’s staying longer “because I want to ensure Disney is strongly positioned when my successor takes the helm.” He continued: “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.”
Since rejoining Disney, Iger has made a number of major changes at the company, including three rounds of layoffs affecting 7,000 workers and making some adjustments to its streaming offerings.
Iger replaced former CEO Bob Chapek, who took the chief executive position in early 2020. Chapek’s two-year stint was marred by the covid pandemic and its aftermath, along with some controversial decisions, such as the simultaneous release of Black Widow on Disney Plus and in theaters, which allegedly violated Scarlett Johansson’s contract.
