Bob Iger Promises to Step Down as Disney CEO

In 2022, Disney’s Board of Directors announced that CEO Bob Chapek had been fired and that former (and very popular) CEO Bob Iger would be returning to lead the struggling company. After news of his return broke, Iger sent out a heartfelt message to Disney employees, saying, “I am in awe of your accomplishments, and I am excited to embark with you on many new endeavors.”

Related: Bob Chapek Calls Being Disney CEO “Three Years of Hell”

Originally, Iger was contracted to remain Disney CEO until the end of 2024. However, back in July 2023, Disney announced that it had extended Iger’s contract through December 2026.

Disney Chairman Mark G. Park said that the Board asked Iger to stay on longer because they believed that he was the best person to put Disney on a path back to the success it once had.

Related: Disney Pulls Ads From X After Steep Rise in Hate Speech

Even though Iger has agreed to an extension once, it appears that he will not agree to a second one.

On November 29, 2023, the Disney CEO spoke at the New York Times’ DealBook Summit. The Summit is a gathering of some of the biggest names in business and leadership. In addition to Iger, this year’s Summit includes conversations with X (formerly Twitter) CEO Elon Musk and Vice President Kamala Harris.

During the Summit, Iger spoke about what it was like to come back to Disney when it was in such a precarious situation. Former CEO Bob Chapek hadn’t lasted three years as CEO, but during that time, he had managed to turn both Disney fans and cast members against him.

“I was disappointed in what I was seeing in the transition period and while I was out,” he said, but noted that he “worked hard at distancing myself from it.” He added that a “robust” process is currently underway to identify a new successor.

Iger also said that he will “definitely step down” once his contract is up.

One of the biggest criticisms that Iger faced after stepping down as CEO in February 2020 was that he had not prepared someone to take over from him.

Iger was the CEO of Disney for 15 years, but it was reported that he did not have a specific name in mind when he was asked by the Board of Directors who would be taking over for him.

After a lot of back and forth, Iger told the board to appoint Chapek to the leadership role. In the months following, a bombshell report said that Iger was telling those close to him that naming Chapek as his successor was one of his “worst business decisions.”

Related: After Firing 4,000 Employees and Canceling 3,000 Jobs, Bob Iger Declares “New Era” for Disney

Iger’s time back at the helm has not been easy.

In his first tenure as CEO, Iger was responsible for catapulting Disney to the top of the entertainment industry. During his time, he was responsible for the acquisition of Pixar, Marvel, Lucasfilm, and 20th Century Fox. He was also the reason Disney built another theme park in Shanghai.

Related: Bob Iger’s Purge of Younger Talent Is Haunting Disney

However, this time around, Iger has been struggling with nearly every aspect of the company.

Since he returned, Disney has laid off thousands of dedicated cast members. There have also been a number of series cancellations at the company’s streaming service, Disney+. Plus, Iger has multiple lawsuits that Disney is dealing with against Florida Governor Ron DeSantis and the Central Florida Tourism Oversight Committee.

Do you believe Bob Iger will step down when his contract with Disney is up? Or do you think he will end up agreeing to extend it a second time? Let us know in the comments!