Disney CEO Bob Iger has announced that he is stepping down from his post at the company in 2021 when his current contract expires.
Iger has extended his contract with Disney twice during his tenure, the most recent one contingent on the Fox deal closing which it has. Iger will remain with the company as the head executive for the next two years and see through the launch and first year of the Disney+ streaming service which he pushed for.
Speaking during Disney’s investor day presentations yesterday, Iger says:
“I’ve been CEO since October of 2005 and as I’ve said many times, there’s a time for everything and 2021 will be the time for me to finally step down. I’ve been engaged with the board for quite some time and there’s discussion about a succession and they’ve been engaged in a succession process, and we continue to feel that they will be able to identify my successor on a timely enough basis so this company has smooth transition.”
Iger was instrumental in many of Disney’s acquisitions including Pixar, Marvel and Lucasfilm. The announcement comes sandwiched in between one of the biggest 24 hours of news for a single studio with details of the Disney+ service going up yesterday afternoon, and the launch of the first trailer for the last of the main “Star Wars” films in the next hour or so.