Bob Iger’s contract as CEO of the Walt Disney Co. has been extended through Dec. 31, 2026, according to an announcement made by the company on Wednesday.
In 2020, Iger had stepped down as the CEO and chairman of the company after a 15-year tenure. However, he returned last November when Bob Chapek was ousted from the position. Initially, Iger had agreed to return to the company for a two-year period.
Reflecting on his return to Disney, Iger stated, “Since my comeback, I have thoroughly examined every aspect of our business to grasp the immense opportunities ahead of us, as well as the challenges presented by the broader economic environment and the ever-evolving industry landscape.”
“From day one, we have made crucial and, at times, difficult decisions to address existing structural and efficiency issues. Despite the challenges, I firmly believe that Disney has a bright future in the long term.”
“However, there is still more work to be done before this transformative journey is complete. To ensure that Disney is strongly positioned when my successor takes over, I have agreed to the board’s request to remain as CEO for an additional two years. The succession process is of utmost importance, and while the board evaluates a pool of highly qualified internal and external candidates, I remain focused on a successful transition,” Iger added.
During his previous tenure, Iger was recognized for expanding Disney’s reach through strategic acquisitions like Pixar, Marvel, Lucasfilm, and 21st Century Fox. He was also responsible for overseeing the successful launch of Disney+ streaming service in 2019.
“Time and again, Bob has demonstrated an unparalleled ability to transform Disney and drive future growth and financial returns. This has earned him a well-deserved reputation as one of the world’s best CEOs,” stated Disney Chairman Mark G. Parker.
Parker further added, “Bob has once again set Disney on the right strategic path for ongoing value creation. To ensure the successful completion of this transformation and provide ample time to position a new CEO for long-term success, the Board has decided to extend his tenure until the end of 2026, in the best interest of shareholders.”
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