Disney's Board Votes For Continuity, Extends CEO Iger's Contract To 2026

Walt Disney Co.'s DIS board of directors unanimously voted to extend the contract of CEO Robert (Bob) A. Iger for two years until Dec. 31, 2026. 

The decision underscored the board's confidence in Iger's leadership, particularly as he spearheaded a critical transformation strategy to navigate emerging industry challenges, the company said.

Iger exhibited exceptional leadership abilities that have enabled Disney to innovate and evolve successfully, according to the board. By extending his contract, the board wanted to maintain consistency in the company's leadership as it undertakes its strategic transformation. 

The additional two years allowed adequate time for the establishment of a seamless CEO transition plan, which was a high-priority task for the board.

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"Bob has once again set Disney on the right strategic path for ongoing value creation. 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," said Walt Disney Board Chairman Mark G. Parker.

Iger returned to Disney as CEO in November 2022, having previously served as the company's CEO and chairman from 2005 to 2020, and subsequently as the executive chairman and chairman of the board through 2021. 

Since his return, Iger initiated a significant, enterprise-wide transformation aimed at restoring creativity at the company's core and bolstering Disney's streaming business's sustained growth and profitability.

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Reflecting on his renewed tenure, Iger expressed there is still work to be done before his mission is complete. As the board continues to assess potential successors, Iger is committed to a successful leadership transition.

Year-to-date, Disney's stock has been flat.

Price Action: DIS shares are trading higher by 0.83% at $90.90 in the after-hours session on the last check Wednesday.

Photo: Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.