The Disney Board of Directors has extended the contract of its CEO, Bob Iger, until the end of 2026, who returned in 2022 after spending several years outside the company. The extension, by unanimous vote, seeks to ensure the “continuity of the government during the transformation of the group that is taking place.”
The continuity of Iger should allow “successfully carrying out a transition plan on the succession to the position of CEO, which continues to be a priority for the Board” of administration. The group has suffered several waves of massive layoffs that have affected all departments of its structure.
Iger, 72, agreed in November 2022 to return to the head of the “enchanted kingdom” for two years with the aim of establishing a strategy for “renewed growth,” Disney said in a statement.
The executive had already been at the head of the company between 2005 and 2020, and remained executive chairman of the group’s Board of Directors until the end of 2021.
The company gave no reason for the departure of Bob Chapek, who succeeded Iger in 2020. Chapek has had to manage the closure and then reopening of amusement parks during the pandemic, as well as expanding streaming services.
“Bob (Iger) has repeatedly demonstrated his ability to successfully transform Disney toward a future of growth,” the Council stresses.
“Despite the challenges, I believe Disney’s long-term future is incredibly bright,” Iger was quoted as saying in the statement, “but there is more to do before this work of transformation is complete.”
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