The Walt Disney Company has extended the contract of their chief executive officer Robert A through December 31, 2026. The 72-year-old chief executive previously said he planned to leave at the end of his contract in 2024.
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.
“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,” says Mark G. Parker, chairman of The Walt Disney Company.
Iger returned to the company in November 2022 after serving as CEO and chairman from 2005 to 2020, and then as executive chairman and chairman of the Board through 2021. He took over the role after The Walt Disney Company fired Bob Chapek as chief executive.
Since returning as CEO, the company says that he has led a significant enterprise-wide transformation to restore creativity to the center of the company and position Disney’s streaming business for sustained growth and profitability.
“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,” says Iger.
Iger notes that there is more to accomplish before the transformative work is complete.
“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 adds.
Iger was responsible for the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019); the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; and the release of popular films, including Marvel’s Avengers: Endgame, Disney’s Frozen and Frozen 2, and Marvel’s Black Panther. He was also responsible for the launch of the Disney+ streaming service in November 2019.
Iger first became Disney CEO in October 2005 and was elected chairman in 2012. From 2000 to 2005, he served as Disney’s president and COO. Iger officially joined the Disney senior management team in 1996 as chairman of the Disney-owned ABC Group, and in 1999 was given the additional responsibility of president, Walt Disney International. He began his career at ABC in 1974.