It was a short “retirement” when Robert A. “Bob” Iger was called back into action last year to right the ship at The Walt Disney Co.
Following some tumultuous months under the leadership of Bob Chapek, Iger inherited a mess and it’s going to take time to restore the luster.
With that in mind, The Walt Disney Co. Board of Directors unanimously voted to extend Iger’s contract by another two years under which he will continue to lead the company as CEO while working toward a “transformation” and executing a transition plan for CEO succession. Iger previously led the company as Chairman and CEO from 2005-2020 prior to stepping into the role of Executive Chairman and Chairman of the Board through 2021.
“Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve been facing from the broader economic environment and the tectonic shifts in our industry. On my first day back, we began making important and sometimes difficult decisions to address some existing structural and efficiency issues, and despite the challenges, 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. 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.”
Disney, under Iger’s leadership, made moves that bolstered the company’s position in the toy industry and consumer products spaces through the strategic acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019). In addition to greatly extending the company’s content library and audience reach, the properties within those divisions have been ripe for licensing opportunities and retail activations.
Iger began his career at ABC in 1974 and moved up the ranks, joining the Disney senior management team in 1996.
Top photo: Bob Iger with Steven Spielberg at the U.S. premiere of Indiana Jones and the Dial of Destiny. Photo by Charley Gallay/Getty Images for Disney.
