Disney CEO Bob Iger gets two-year contract extension

Disney said Wednesday it had added two years to CEO Bob Iger’s contract. FOX Business’ Charles Gasparino reported on “The Claman Countdown” on July 6 that Iger was seeking an extension.

The two-year extension makes it so that Iger will continue to hold the CEO position at the California-based entertainment giant until the end of 2026, according to Disney’s press release. The board’s vote on the additional years was unanimous.

His deal originally slated him as CEO until 2024’s year-end.

Iger said in a statement that he agreed to stay on longer because “there is more to accomplish before this transformative work is complete” and he wanted to “ensure Disney is strongly positioned when my successor takes the helm.”

WHAT DISNEY’S EXECUTIVE EXODUS MEANS FOR CEO BOB IGER

His reassumption of the top job took place about seven months ago. The board tasked him then with setting the “strategic direction for renewed growth” and helping find and prepare a successor, according to the company’s release.

Bob Chapek, a longtime company exec, had been running Disney since February 2020, when Iger moved to the executive chairman position through 2021. Iger’s prior stint as CEO started in 2005 and spanned about 15 years.

Massive changes aimed at boosting profitability, increasing creative accountability and other things have happened in the roughly seven months Iger has been back at the helm.

Some of the efforts have led to Disney structuring into three segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products. Layoffs of about 7,000 workers have also taken place.

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Iger said in May that the company was “on track to meet or exceed our target” of $5.5 billion in cost-savings. 

Coming back as CEO of Disney was something Iger told Time magazine in an interview published in April that he was “very, very surprised” by, adding he was “certainly happy to be here.”

In the Wednesday announcement about his contract extension, both Iger and Disney appeared to highlight the importance of looking for someone to succeed him. 

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“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.