Disney’s CEO, Bob Iger, will step down from his role with the company after his contract expires in 2026. Iger confirmed this during a recent appearance at the DealBook Summit.
Iger initially took over as CEO of Disney in 2005 and remained in the position until his retirement in 2020. He was succeeded by Bob Chapek, who previously served as chairman of Disney Parks, Experiences, and Products.
Chapek lasted less than three years as CEO and was ousted by the company’s board, causing Iger to end his retirement and return to helm Disney again.
According to Iger, the company wants to avoid making the same mistake again and is already engaged in an “extensive process” of finding his replacement.
“I was disappointed in what I was seeing in the transition period and while I was out,” Iger shared.
Iger’s return was initially only meant to last two years or until the company found him a new successor. However, he ended up prolonging his stay, agreeing to a contract until 2026 this past summer.
In his second stint, Iger focused on trimming Disney’s costs, which resulted in several waves of layoffs, while also tapping into additional revenue streams. The latter included rising prices across Disney’s properties and introducing an ad-supported subscription plan for the Disney+ streaming service.