MAJOR news has been revealed about the future of the Walt Disney Company and its executive leadership.

Back in 2022, it was announced that Disney CEO Bob Chapek would no longer serve in that role and Bob Iger would return to the CEO position. Originally, Iger was only bought back for a 2-year term and he had previously indicated that it was his “preference” to remain on just for those 2 years. In fact, earlier in 2023 Iger said that there were “no plans” (at that time) for him to stay any longer. But, those who follow Disney closely likely remember how Iger repeatedly extended his term as CEO during his first tenure, ultimately staying on for MANY years. And now, we’re having a little deja vu…

The Board of Directors of the Walt Disney Company has announced that Bob Iger has agreed to continue to serve as CEO through December 31st, 2026. That’s an additional 2 years than what was originally planned.

The vote was unanimous to extend Iger’s contract and “the independent members of the Board of Directors noted that Iger’s extension provides continuity of leadership during the Company’s ongoing transformation, and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board.”

Mark G. Parker, Chairman of The Walt Disney Company shared, “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.”

He continued, “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.”

Iger commented on his return saying “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. But, he noted, “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.” Does anyone else feel like they’ve entered a time machine and gone back to Iger’s first tenure as CEO?

Iger continued by noting, “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.”

In case you’re not as familiar with Iger’s history at Disney, he served as CEO and Chairman from 2005 to 2020 (he pushed back his retirement several times during those years). Iger worked on some major projects like the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox. He also was CEO when Shanghai Disney Resort opened and during the release of some major Disney movies. Plus, he worked on the launch of the Disney+ streaming service.

Even when he left the CEO position the first time, Iger didn’t totally go away. Instead, he remained at Disney as Executive Chairman and Chairman of the Board through 2021. He finally stepped away after that (at which point Bob Chapek took over as CEO), only to return to the CEO position in November of 2022.

Since his return as CEO, Iger has made some MASSIVE changes that included a restructuring of parts of the Company, thousands of layoffs, and more. Iger has made it clear that his main priority is improving streaming at the Company.

As Disney’s press release states, Iger has been focusing on restoring “creativity to the center of the company” (this is likely being accomplished — primarily — through that restructuring that did away with some changes Chapek had put in place) and positioning “Disney’s streaming business for sustained growth and profitability.”

It seems that Iger is very focused on finding the “right” successor for the CEO position this time. But finding someone to fill his shoes might not be easy. In fact, it was a big struggle last time. When Iger returned in 2022, the Board seemed to set a very clear directive that Iger would be working closely with them to find the right successor and it seems that search isn’t over yet.

This was the same battle that reportedly caused a rift between Iger and the Board in the past. The first time around, Disney’s Board apparently kept pushing Iger for more details on his succession plan, and Iger reportedly pushed for Chapek as CEO, despite other candidates being tossed around.

According to Business Insider, a former Disney executive once indicated that prior to his departure, Iger “said he was tired of being harangued about [succession] and said, ‘Fine, you guys have someone else run the business.’”

Chapek became CEO, a decision that Iger ultimately ended up regretting (reportedly). So will this time be any different? Iger is certainly older and may not feel like he has as many years ahead of him to keep extending his tenure at Disney. He also likely has learned some key lessons from his previous CEO pick and may be all the more eager to find someone to replace him who will leave him with zero regrets.

Disney is in the middle of some major projects right now too, so Iger may be looking to get things a little further along before he leaves. There’s ongoing construction at various theme parks within Disney, battles with Florida Governor Ron DeSantis, and much more.

Unless Iger is planning on returning to Disney again in the future, this second CEO tenure will be his “last chance” to leave his mark on Disney and establish his final legacy. That could be big a motivating factor to stick around until he feels everything is “settled.”

It seems news of Iger’s return could be having a favorable impact on Disney’s stock too — another area where the Company has struggled a bit as of late. Though the stock closed at $90.15 on July 12th, it has risen ever so slightly to $90.90 after hours.

Bob Iger has an interview scheduled on CNBC on July 13th where he will likely be addressing this extension and potentially other big questions. We’ll be watching and will let you know what we hear.

In the meantime, click our stories below for more Disney updates:

• The One Reason People Want Apple to Buy Disney
• Bob Iger Hits Important Goal at Disney
• Disney CEO Bob Iger Fires Back at DeSantis “Retaliation”
• 10 Controversial Things Bob Iger Has Said About Disney’s Alleged ‘Woke Agenda’

We’ll continue to look for updates and share that information with you.

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 What do you think about this announcement? Tell us in the comments!

The post BREAKING: Bob Iger Will Remain Disney CEO Through 2026 first appeared on the disney food blog.