Former Disney chief Bob Iger retired from the job at the end of 2021 after sixteen years in the job. Within a year, he was back as CEO following his handpicked successor Bob Chapek’s disastrous short-lived tenure in the job.
Upon his return, Iger indicated he would only serve two years to get things back in shape. Well, those plans have changed as Iger’s contract has now been extended a further two years to the end of 2026.
Disney Board chair Mark G. Parker today said in a statement the decision to extend Iger’s contract means: “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation”.
Iger himself says: “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, 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 the 72-year-old Iger’s return, Disney has undergone some major structural reorganization including the firing of 7,000 employees in recent months.
The contract renewal comes as Hollywood stands on the brink of severe industrial action if SAG-AFTRA goes on strike in a few hour’s time with the already picketing WGA.
Source: Deadline
