Disney CEO Bob Iger will remain at his post for at least the next two and a half years, putting an end to the belief that Iger was going to relinquish the job sometime next year.
Deadline reported that Iger’s contract has been extended through the end of 2026.
“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,” said Disney board chairman Mark Parker.
Speculation regarding who the next CEO may be had kicked into high gear earlier this year. With Iger’s initial contract running only through 2024 and the belief that he had been brought back on an interim basis, a number of names had been publicly debated as potential successors. NBA Commissioner Adam Silver publicly refuted his interest in the job. ESPN Chairman Jimmy Pitaro is still considered a likely candidate.
“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,” Iger said at an event in Hollywood on Wednesday. “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.”
Iger took over for Bob Chapek late last year as Disney CEO. Chapek succeeded Iger after his first run as CEO from 2005-20.
