Disney CEO Bob Iger, who had originally planned to step down, may extend his tenure with the company beyond his current contract, which expires in December 2024.
The search for a successor has proven challenging, and the need for a smooth transition has become crucial. Iger’s return as CEO came after his initial successor, Bob Capek, was terminated in November. As a result, Iger took back the reins along with a two-year contract worth at least $27 million annually. However, he had previously stated that finding a new CEO was a top priority.
In an interview earlier this year, Iger emphasized the urgency of the succession process, stating, “Not only is it an important decision but that [they] don’t have an endless amount of time to make it.” With just over a year left on his contract, time is running out for Disney to finalize a new CEO. The company requires sufficient overlap between Iger’s departure and the new CEO’s arrival to ensure a smooth transition.
SCOOP: People close to @Disney tell @FoxBusiness @RobertIger is likely to seek a contract extension beyond his current one (expiring in Dec 2024) as the company giant faces hurdles in finding a successor. More on that and our interview w $BLK CEO Larry Fink at 345pm w @LizClaman— Charles Gasparino (@CGasparino) July 6, 2023
According to a recent tweet by Charles Gasparino, insiders at Disney have revealed that Iger is likely to seek an extension to his current contract due to the challenges faced in finding a suitable successor. The tweet stated, “[Bob Iger] is likely to seek a contract extension beyond his current one (expiring in Dec 2024) as the company giant faces hurdles in finding a successor.”
As of now, there is no information regarding the new CEO or an updated timeline for Iger’s departure from the company. The search for a successor continues, and updates will be provided as they become available.