File this under rumor, but I’ve been saying it for a while now. Apparently, the scuttlebutt is that Bob Iger will ask the Disney board for a contract extension by the end of 2023. Remember, he was brought back eight months ago with a two-year contract. He was supposed to find a successor and move on. With little movement towards finding a replacement and now the loss of the company’s CFO and other financial issues, Iger could try to argue for more time.
The rumor was posted on Twitter by Charles Gasparino yesterday.
SCOOP: People close to @Disney tell @FoxBusiness @RobertIger is likely to seek a contract extension beyond his current one (expiring in Dec 2024) as the company giant faces hurdles in finding a successor. More on that and our interview w $BLK CEO Larry Fink at 345pm w @LizClaman
— Charles Gasparino (@CGasparino) July 6, 2023
None of this would be surprising given we’re 2/3 of the way through the first year of his return and nothing has been done about a replacement.
It’s true that with ex-CFO Christine McCarthy’s departure, the company needs to replace two top executives, which could require a bit more time. However, it will likely be more of the same from Bob Iger, who made most of the choices that put the company in this position, to begin with.
Some media outlets are arguing that Bob Iger needs more time because he came into a worse situation than he realized.
No. I would argue that Iger caused most of the issues himself.
Some points they tried to make included Bob Iger’s focus on Disney+ profitability by 2024. That’s the same date that he said it would be profitable by when it launched. Now they are losing subscribers to their streaming platforms and even offered $2 Disney+ with Hulu to get subscribers up.
Another argument was that Iger has made life easier for park guests and restored perks. No. He was the one who initiated Genie+. He restored the free parking at resort hotels that he had removed initially. Meanwhile, prices have gone up year over year at the Disney parks, and while he did walk back some price hikes on things like Galaxy’s Edge Savi’s Workshop prices, that only applied to Disneyland.
They also argued that the animated box office failures were not Iger’s fault either, saying, the were “in motion long before his return to the helm.” Except those take years to produce, and Iger was in charge when most of them were greenlit. “Lightyear” was started back in 2016. “Elemental” has been in production for seven years. The only one that might not have been Iger was “Strange World.”
Meanwhile, both Marvel and Star Wars are facing significant declines in audiences both at the movie theater and on Disney+. The failed Galactic Starcruiser was also greenlit under Bob Iger.
Disney has to buy out Comcast’s share of Hulu in early 2024. Some of the redundancies and bloat in the entertainment sector came from Bob Iger overpaying for Fox.
I would argue that Bob Iger created many of the issues he is now “cleaning up.”
I’m not sure letting him helm the Walt Disney Company any longer than necessary is a good idea. I’m not going to blow pixie dust up your butt and then end it with a pitch for using my company to buy Disney stock.
Again, it’s all rumor that he wants to extend his contract, but it’s a very plausible.
What do you think? Comment and let us know!
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