Disney’s board of directors has extended Bob Iger’s contract, which was recalled in late 2022, to late 2026 to resume the general manager position he held several years earlier, the company said in a press release on Wednesday.
The vote was unanimous, he said, explaining that the extension was to “ensure continuity of leadership during the Group’s ongoing transformation”.
It must also be possible “to implement a transition plan for the succession to the post of CEO, which remains a priority for the Board”.
Mr. Iger, 72, agreed in November 2022 to return to the helm of the Enchanted Kingdom for two years with the goal of developing a strategy for “renewed growth,” Disney said at the time.
He led the company from 2005 to 2020 and remained executive chairman of the group board until the end of 2021.
AFP
No reason was given for the departure of Bob Chapek, who succeeded him at the very beginning of the Covid-19 pandemic in 2020. He had to manage the closure, then the reopening of amusement parks, but also the expansion of the streaming industry.
“Bob (Iger) has repeatedly demonstrated his unparalleled ability to successfully transform Disney into a future of growth and financial returns,” the board said on Wednesday. “Bob has once again put Disney on the right strategic path for sustainable growth.”
“Despite the challenges, I think Disney’s long-term future is incredibly bright,” Iger said in the statement.
“But there is more to do before this transformational work is complete.”
And to explain that they have agreed to stay on for two more years to ensure the group is “solidly positioned” at the relay handover.
AFP