Disney Extends Bob Iger's Contract Until 2026 — Two Years Longer Than Planned

BURBANK, CA — Bob Iger will continue at the helm of the Walt Disney Co. for an additional two years after the company on Wednesday announced that it had extended the CEO's contract through Dec. 31, 2026.

Iger — who had stepped down as CEO and chairman in 2020 — was brought back on last November after Disney ousted Iger's replacement, Bob Chapek. At the time, Iger was set to return to the company he previously led for 15 years for just 24 months.

“Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve 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,” Iger said in a release. “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.

"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.”

Chapek was initially lauded for carrying Disney thorough the tough years of the pandemic, delivering streaming subscribers that helped make Disney a formidable Netflix competitor.

But after continued streaming losses, stock price-drops and layoffs last year, Chapek exited the company to make way for the man whom he had replaced just two years earlier.

Iger oversaw Disney during a massive period of growth, when it became the entertainment juggernaut it is today. He oversaw Disney's acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and launched Disney+ in 2020.

“Time and again, Bob [Iger] 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 release. “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.”