Bob Iger returned as Disney’s CEO in November 2022 with a 2-year term and a clear mandate — reorganize the Company for success and find someone else to succeed you as CEO.
Since that time, we’ve already seen Iger make some big moves. Certain executives have left the company, a massive restructuring was recently announced, Iger has expressed that he is really focused on making streaming profitable, and layoffs and other cost-cutting measures are on the way. But if you, like many others, have wondered just whether 2 years will be enough for Iger to do what he wants and if he’ll stay longer, there’s an update you need to know about.
In a recent interview with CNBC‘s Squawk on the Street, David Faber pointed out that Iger’s current tenure is set to last just 2 years. Faber shared that he’s spoken to executives who think 2 years simply isn’t enough time. It seems some believe that Iger has returned and could easily stay at Disney (once again) for more than 2 years, perhaps even up to 5 years or more.
But Iger is sticking to the 2-year plan, at least for now. Iger shared that his “plan” is to stay at Disney for 2 years. He said, “that’s what my contract says…that would be my preference as well.”
When asked why Iger noted that he’ll be 72 years old and has put in almost 50 years working. He said there are simply other things in life that he’d like to do, and he’s “confident” that the Board will be able to identify a suitable successor for the CEO role. He also shared that he’d like to help that person be successful.
Overall, Iger shared that it’s “premature to speculate” on the issue, but there are “no plans right now” for him to stay any longer.
Will 2 years be enough time for Iger to do it all though? To start with, Iger shared that things can get done quickly at Disney, you just have to know what to do. He pointed out that various changes have been made in just the 2 months he’s been back, serving as proof that you can make big changes quickly.
But he also noted that he’s not looking at the 2 years as a timeline to do it all. He said it’s not about accomplishing everything, but rather about setting up the company for long-term success. If done right, some of these changes will set the company on the right course for many years to come, including many years after Iger is gone.
See Iger’s full interview below.
.@davidfaber: Why did you come back?@Disney CEO Bob Iger: [Susan Arnold] called me on the Friday before the Sunday that it was announced. Much to my surprise, I was not looking for a job…I had a sense of obligation, and I wanted to help them transform the company.$DIS pic.twitter.com/qe5U8O5HBz
— Squawk on the Street (@SquawkStreet) February 9, 2023
And that is unsurprising. During his first time as CEO, Iger was set to step down multiple times. He repeatedly agreed to extend his term at Disney in the past, so that could point to the possibility of more extensions in the future.
Back in early 2022 various rumors had already been swirling that Iger would return as CEO at some point in the future. Iger called the rumors “ridiculous” and said, “you can’t go home again. I’m gone.” Ultimately, it seems the ridiculous came true, so it just goes to show that anything is possible.
Will Iger stay beyond the 2 years? It’s unclear. The Board at Disney certainly appears to be determined to find a successor. Mark Parker, who will become the new chairman of the Board after the next shareholder meeting, is also the head of “a newly created Succession Planning Committee of the Board, which will advise the Board on the CEO succession planning, including review of internal and external candidates.”
And the succession planning has already begun. In an SEC filing, Disney shared, “Bob is simultaneously prioritizing assisting the Board in identifying, developing and mentoring a successor CEO, a process which has already begun.”
We’ll be sure to keep an eye out for more updates about Bob Iger and let you know what we find. For now, it seems he could just be staying for 2 years, but we have a feeling that even the most powerful of crystal balls couldn’t exactly predict his future.
Stay tuned for more news.
Click here to see what massive change Iger made to fix a Chapek “mistake”
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How long do you think Iger will stick around as CEO? Tell us in the comments.
This is the guy who hand picked his successor. All of sudden he had an epiphany and realized what a bad decision he made and board decided to give him another chance at it?