CNN
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The Walt Disney Company’s board has voted unanimously to extend CEO Bob Iger’s contract through the end of 2026, a two-year extension.
When Iger took over as CEO at Disney for a second time in 2022, he stressed that the job would last only 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 believes Disney’s “long-term future is incredibly bright.” .
Iger also stressed that he remains determined to find the company’s next CEO.
“As I want to ensure that Disney is well-positioned when my successor takes the helm, I have accepted the Board’s request to continue as CEO for another 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 role 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 to develop a successor to lead the company upon completion of his term.”
Disney has struggled to replace Iger, though questions remain about the company’s succession plans and future leadership.
“Time and time again, Bob has demonstrated an unmatched 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, president of Disney. “Bob has put Disney back on the right strategic path for continued value creation and to ensure the successful completion of this transformation while allowing sufficient time to position a new CEO for long-term success.” .
It is not the first time that Iger has undertaken the search for a successor.
In 2020, Bob Chapek, the company’s former president of Disney Parks, Experiences and Products, was named CEO after Iger unexpectedly announced his retirement.
Chapek led the company through theme park closures 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 over Chapek’s handling of a project by Florida law restricting discussion of sexual orientation and gender identity in schools; Chapek eventually apologized for his silence on the bill after initially refusing to comment on it.
In November 2022, Chapek was ousted just months after signing a new three-year contract with Disney, and Iger returned to the role of CEO. Iger’s first term as Disney CEO lasted 15 years, from 2005 to 2020.
