Disney CEO Bob Iger’s tenure extended until 2026

The board of Walt Disney on Wednesday decided to extend Chief Executive Officer Robert Iger’s contract by an additional two years as the company’s film and television businesses face several long-term obstacles. Iger had previously announced his intention to retire in 2024. In a statement, the board stated that it sought to preserve “continuity of leadership during the company’s ongoing transformation.”

In November 2022, less than a year after his retirement, Iger returned to Disney as CEO. He promised to stay for two more years to rebuild the firm while looking for a more enduring successor after the company fired Bob Chapek, Iger’s hand-picked successor.

Iger stated in a statement that there was still work to be done before the transformational effort was finished and that the board was interviewing both internal and external CEO candidates. He is dealing with difficulties on several fronts during a time of profound change in the entertainment and media industries. Even though streaming video was previously thought to be the medium of the future, it still makes losses. His contract stipulates that he is eligible for an annual incentive bonus five times his base salary. He was entitled to an estimated $27 million in total salary annually under his prior deal.

Iger’s attempts to turn around the company have also been hampered by the underwhelming box-office performance of high-profile films. The audience for television is currently experiencing long-term and possibly irreversible decreases. Disney announced in February that it would radically reorganize and eliminate 7,000 jobs to decrease expenses by $5.5 billion.