The Walt Disney Co. announced that CEO Bob Iger has agreed to stay in his position with the company through the end of 2026.
In a news release posted Wednesday, the company said its board of directors voted unanimously to extend Iger’s contract by two years. Iger, 72, returned to the company last November after previously stepping down in 2020 following a 15-year tenure as CEO.
The company said Iger’s extension provides “continuity of leadership” during its “ongoing transformation.” It added that the move will give the company more time to execute a transition plan for CEO succession, which it noted is a top priority for the board of directors.
“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,” Disney Chairman Mark G. Parker said in a statement.
“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.”
In a separate statement, Iger said even with the challenges the company is currently facing, Disney has a bright future ahead.
“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,” Iger said. “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.”
Disney’s decision comes amid a heated battle between the company and Florida Gov. Ron DeSantis (R) that began after Disney publicly criticized Florida’s “Don’t Say Gay” law, which places restrictions on the discussion of sexual orientation and gender identity in public school classes.
Following that criticism, DeSantis signed legislation earlier this year stripping Disney of special status that gave it self-governing power over the Reedy Creek Improvement District. The company then filed a lawsuit against the presidential candidate alleging that he used his office and influence as governor to take action against the company for its political stances.