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Walt Disney Co. announced Wednesday that CEO Bob Iger’s contract has been extended until 2026, keeping Iger at the helm of the entertainment giant for the foreseeable future.
“In voting unanimously to extend Iger’s contract by two years, the independent members of the Board of Directors noted that Iger’s extension provides continuity of leadership during the company’s ongoing transformation and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board,” the company said in a statement.
Iger commented on the contract extension in a statement of his own.
“I believe Disney’s long-term future is incredibly bright, but there is more to accomplish before this transformative work is complete, and 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 extension of Iger’s contract comes after he was reappointed as Disney CEO in a surprise move in late 2022 after his handpicked successor, Bob Chapek, was let go after two years.
Under Chapek, Burbank-based Disney was also involved in a public falling out with Florida Gov. Ron DeSantis over the company’s position on the state’s “Don’t Say Gay” law. The feud continues, with both parties filing lawsuits against one another.
Iger was the face of Disney for 15 years before he handed the reins to Chapek in 2020. During his first tenure as CEO, Disney acquired Marvel, Lucasfilm, 20th Century Fox and Pixar.
While many Disney fans and experts praised Iger’s initial return, his second run as CEO at the Mouse House has been plagued with new challenges.
The company has still not found a way to make Disney+, its streaming service profitable and the ongoing writers strike has delayed several high-profile projects such as Avengers movies, Deadline reported.
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