Now here’s a bit of news that should come a shock to absolutely nobody; Robert Iger has “agreed” to remain the Chief Executive Officer of the Walt Disney Company through 31 December 2026. The company’s board of directors has unanimously approved an extension of Iger’s contract. Is it a coincidence that this should come a week after Donna Langley, a potential successor, was promoted to Chief Content Officer at NBCUniversal? Perhaps.
This is a move that just about everyone in the entertainment industry knew would occur when Iger returned to Disney for his second stint as CEO last November. At the time he was replacing his hand-picked successor Bob Chapek who oversaw the entertainment giant as its share price sank and various business arms struggled. Iger previously served as Disney’s CEO from 2005 through 2020. When came back for what was said to be two years to steady the company and search for a new CEO it was believed the time frame was too short.
In a statement announcing the contract extension Iger acknowledge having had to make difficult decisions over the past seven months, including laying off 7,000 employees, in order to address “existing structural and efficiency issues.” He went on to say, “I believe Disney’s long-term future is incredibly bright, but there is more to accomplish before this transformative work is complete…”