Disney has extended the contract of current CEO Bob Iger for another two years. This will make Bob Iger Disney CEO through the end of 2026, unless a successor can be identified before then.
Disney chairman Mark Parker said, “Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs.”
“Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the Board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026,” Parker continued.
Bob Iger had a statement of his own on the matter.
“Because 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,” Iger said. “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.”
The announcement follows the exit of longtime Disney CFO Christine McCarthy, meaning that Iger will need to fill her position as well as his own.
Between its weakened box office, a downturn in theme park attendance, and Disney stock dropping under $90 per share, now probably isn’t the ideal time to change leadership.
Then again, it can be argued that Bob Iger set Disney on its current trajectory by buying (and allowing his managers to ruin) evergreen brands such as Lucasfilm, Marvel and Pixar.
What do you think about the move? Comment below!
[Source: The Hollywood Reporter]
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