Disney extends CEO Bob Iger’s contract through end of 2026

Disney CEO Bob Iger has agreed to stay as the Chief Executive Officer through the end of Dec. 31, 2026, according to The Walt Disney Company Board of Directors.

In voting unanimously to extend Iger’s contract by two years, the board noted that Iger’s extension provides continuity of leadership during the Company’s ongoing transformation, and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board.

“Time and again, Bob has shown an unparalleled 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 G. Parker, Chairman, The Walt Disney Company. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the Board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026.”

“Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve been facing from the broader economic environment and the tectonic shifts in our industry. On my first day back, we began making important and sometimes difficult decisions to address some existing structural and efficiency issues, and despite the challenges, I believe Disney’s long-term future is incredibly bright,” said Iger. “But there is more to accomplish before this transformative work is complete, and because I want to ensure Disney is strongly positioned when my successor takes the helm, I have agreed to the Board’s request to remain CEO for an additional two years. 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 the company in November of 2022 after the board dumped Bob Chapek as CEO. Chapek replaced Iger and served from from 2020 to 2022.

Since Iger has been named CEO there has been some significant changes in the makeup of the executive team. This includes the Walt Disney Company’s Senior Executive Vice President and Chief Financial Officer Christine M. McCarthy stepping down from her role and taking a family medical leave of absence.

Since returning as CEO, he has led a significant, enterprise-wide transformation to restore creativity to the center of the company and position Disney’s streaming business for sustained growth and profitability.

While Iger has made these changes, the biggest job he has ahead is helping to find a successor, not something he has been able to successfully do.

Iger first became Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. From 2000-2005, he served as Disney’s President and Chief Operating Officer. Iger officially joined the Disney senior management team in 1996 as Chairman of the Disney-owned ABC Group, and in 1999 was given the additional responsibility of President, Walt Disney International. He began his career at ABC in 1974.