Disney CEO Bob Iger will continue to lead The Walt Disney Company until at least 2026, the company said on Wednesday.
The Walt Disney Company’s board of directors has unanimously voted to extend Iger’s contact for another two years, now until at least December 31, 2026, according to a press release.
Iger served as CEO and Chairman of Disney for 15 years from 2005 until his departure in 2020. He returned as CEO in November 2022 following the firing of his first successor, Bob Chapek.
Yeager initially signed a two-year contract and two main tasks: to strengthen the company financially and to find a successor to lead it.
“I believe Disney has an incredibly bright future for the long term,” Iger said in a prepared statement. “But there is still a lot to be done before this transformative work is complete.”
“The importance of the succession process cannot be overemphasized, and as the Board continues to evaluate a roster of highly qualified internal and external candidates, I remain focused on a successful transition,” he said.
In February, Iger announced a restructuring of the company, including the elimination of 7,000 positions, as part of a plan to cut costs by $5.5 billion. He also announced that the company would be reorganized into three major segments: Disney Entertainment, ESPN, and Disney Parks.
“We believe that the work we are doing to reshape our company around creativity while reducing costs will lead to sustainable growth and profitability of our streaming business, improve our position to withstand future disruptions and global economic challenges, and benefit our shareholders. he said at the time.
Since Iger returned, he has also loosened some restrictions at Disney theme parks in California and Florida, including returning annual ticket sales to Walt Disney World and Disneyland.