The board of Walt Disney has announced a two-year extension to the contract of Chief Executive Officer (CEO) Robert Iger, extending his tenure through 2026.
According to media reports, this decision was made due to his experience and leadership skills, as he had previously come out of retirement in 2022 to address the challenges Disney's film and television sectors faced.
The board expressed its intention to ensure "continuity of leadership during the company's ongoing transformation".
"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," he added.
Iger said that since his return to Disney just seven months ago, he has examined virtually every facet of the business to fully understand the opportunities before the company and the challenges it has 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," he added.
Iger returned to the company in November of 2022 after serving as CEO and Chairman from 2005 to 2020, and then as Executive Chairman and Chairman of the Board through 2021.
According to the company, since returning as CEO, he has led a significant, enterprise-wide transformation to restore creativity to the centre of the company and position Disney’s streaming business for sustained growth and profitability. Throughout his time as the company’s chief executive, Iger’s strategic vision has focused on three fundamental pillars: generating the best creative content possible; fostering innovation and utilising the latest technology; and expanding into new markets across the globe.
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