The Walt Disney Co. CEO Bob Iger said Wednesday that he will “definitely” step down when his contract expires in 2026.
What You Need To Know
- Disney CEO Bob Iger "definitely" plans to step down once his current contract ends
- Iger made the comments at The New York Times' DealBook Summit
- Iger returned as CEO of Disney in November 2022 following the ouster of Bob Chapek
The executive, who returned to helm the company in November 2022 following the ouster of Bob Chapek, made the comments during an interview at The New York Times’ DealBook Summit.
Iger also reiterated his commitment to finding a successor—something he vowed to make a priority when he returned last year—describing the process as “robust.”
“I’ve tried hard to conduct my own postmortem, just so that we as a company don’t do it again…what did we do wrong,” Iger said. “We’ve discovered certain things that perhaps we could have done better.”
In the interview, Iger, who said he wasn’t planning on returning to Disney, also criticized decisions made under Chapek.
“I was disappointed in what I was seeing both during the transition period when I was still there and while I was out,” Iger said. “But I really worked hard at distancing myself from it.”
Iger, now on his second stint as head of the entertainment giant, previously served as CEO of Disney from 2005 to 2020. When he returned, Iger agreed to a two-year contract, but in July, the company extended his contract for an additional two years through 2026.
Since his return, Iger initiated a reorganization that included $5.5 billion cost-cutting strategy and companywide layoffs. In earnings call earlier this month, Iger said the company would extend cost-cutting measures by an addition $2 billion to reach a total target of $7.5 billion. The company is now planning to buy Comcast’s stake in Hulu and invest roughly $60 billion in its theme parks and cruise line over the next 10 years.