Bob Iger has agreed to an extension of two years as chief executive of The Walt Disney Co.
In voting unanimously to extend Iger’s contact, the independent members of the board of of the Burbank-based entertainment and media giant noted that the move provides continuity of leadership during the company’s transformation and allows for more time to find a replacement chief executive when Iger leaves.
“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 said.
Iger returned to Disney in November after having served as chief executive from 2005 to 2020. He continued to serve as executive chairman and board chairman of the company through 2021. He agreed to stay through the end of next year.
Mark G. Parker, current board chairman, said that Iger has once again set Disney on the right strategic path for ongoing value creation.
“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, and he has agreed to our request to remain chief executive officer through the end of 2026,” Parker said.
Since returning to the helm of the company, Iger has overseen a round of layoffs at Disney that resulted in thousands of jobs being cut.
“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 said.