Disney extends CEO Bob Iger’s contract through 2026

Jul 12, 2023, 5:03 PM

Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London,...

Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. The Walt Disney Company’s board has unanimously voted to extend CEO Bob Iger’s contract through the end of 2026 — an extension of two years. (Hannah McKay/Reuters/FILE via CNN)

(Hannah McKay/Reuters/FILE via CNN)

(CNN) — The Walt Disney Company’s board has unanimously voted to extend CEO Bob Iger’s contract through the end of 2026 — an extension of two years.

When Iger stepped into the CEO role at Disney for a second time in 2022, he stressed that the job would only last two years as the company searched for a suitable replacement.

In a statement Wednesday about his contract extension, Iger said he has had to make “difficult decisions to address some existing structural and efficiency issues,” but he believed Disney’s “long-term future is incredibly bright.”

Iger also emphasized that he remained intent on finding the company’s next CEO.

“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,” he 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.”

Iger returned to his post as CEO in November 2022, after initially stepping down to retire. At the time, Disney said he agreed to return to the company for two years and would “work closely with the board in developing a successor to lead the company at the completion of his term.”

Disney has found it hard to replace Iger, even as questions remain about the company’s succession plans and future leadership.

“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,” said Mark Parker, Disney’s chairman. “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.”

This is not the first time Iger has undertaken a search for a successor.

In 2020, Bob Chapek, the company’s former chairman of Disney Parks, Experiences and Products, was named CEO after Iger unexpectedly announced his retirement.

Chapek led the company through theme park shutdowns and an economic crisis caused by the Covid-19 pandemic. However, his tenure was short and bumpy, marred by a high-profile legal battle with one of the studio’s biggest stars, Scarlett Johansson, and controversy regarding Chapek’s handling of a Florida bill that restricts discussion of sexual orientation and gender identity in schools; Chapek eventually apologized for his silence on the bill after initially declining to comment on it.

In November 2022, Chapek was ousted just months after signing onto a new three-year contract with Disney, and Iger stepped back into the role as CEO. Iger’s first term as Disney CEO lasted 15 years, from 2005 to 2020.

The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

KSL 5 TV Live


FILE - President Joe Biden attends Working Session III of the NATO Summit in Washington, July 11, 2...

Associated Press

Hollywood reacts to Joe Biden exiting the presidential race

Hollywood was quick to react to the news that President Joe Biden was ending his bid for reelection and endorsing Vice President Kamala Harris.

1 day ago

This image released by Universal Pictures shows Glen Powell, right, and Daisy Edgar-Jones in a scen...

Lindsy Bahr, The Associated Press

‘Twisters’ whips up $80.5 million at box office, while ‘Deadpool & Wolverine’ looms

Moviegoers ran toward the tornadoes this weekend, propelling “ Twisters ” to a blockbuster opening. The standalone sequel to the 1996 hit made $80.5 million in ticket sales from 4,151 theaters in North America, according to studio estimates Sunday.

2 days ago

FILE - Fox Business News host Lou Dobbs speaks at the Conservative Political Action Conference (CPA...

Associated Press

Lou Dobbs, conservative pundit and longtime cable TV host for Fox Business and CNN, dies at 78

Lou Dobbs, the conservative political pundit and veteran cable TV host who was a founding anchor for CNN and later was a nightly presence on Fox Business Network for more than a decade, has died. He was 78.

5 days ago

BURBANK, CA - AUGUST 15:  Actor Bob Newhart appears on the set of "The Big Bang Theory" for a dialo...

Associated Press

Comedian Bob Newhart, deadpan master of sitcoms and telephone monologues, dies at 94

Bob Newhart, the deadpan accountant-turned-comedian who became one of the most popular TV stars of his time after striking gold with a classic comedy album, has died at 94.

5 days ago

This image released by FX shows Eita Okuno as Saeki Nobutatsu, from left, Anna Sawai as Toda Mariko...

Andrew Dalton, AP Entertainment Writer

‘Shogun’ leads all Emmy nominees with 25 and ‘The Bear’ sets comedy series record with 23

“The Bear” has gone on a tear at Wednesday morning’s Emmy nominations with a comedy-series record 23, and “Shogun” led all nominees with 25.

6 days ago

Jack Black’s comedy rock band Tenacious D, seen here in September 2023 sparks outrage and had a s...

Jack Guy, CNN

Jack Black’s band cancels tour after backlash to bandmate’s comment on Trump assassination attempt

Jack Black’s comedy rock band Tenacious D has canceled its remaining tour dates after band member Kyle Gass sparked a backlash with an apparent joke about Saturday’s assassination attempt on former US President Donald Trump.

7 days ago

Sponsored Articles

young male technician is repairing a printer at office...

Les Olson

Unraveling the dilemma between leasing and buying office technology

Carefully weigh these pros and cons to make an informed decision that best suits your business growth and day-to-day operation. 

A kitchen in a modern farmhouse....

Lighting Design

A room-by-room lighting guide for your home

Bookmark this room-by-room lighting guide whenever you decide to upgrade your lighting or style a new home.

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Disney extends CEO Bob Iger’s contract through 2026