Bob Iger Says He Will ‘Definitely Step Down’ After Contract Expires In 2026

Forbes Business Breaking News Breaking Bob Iger Says He Will ‘Definitely Step Down’ After Contract Expires In 2026 Zachary Folk Contributor Opinions expressed by Forbes Contributors are their own. I cover breaking news. Following Click to save this article.

You’ll be asked to sign into your Forbes account. Got it Nov 29, 2023, 06:23pm EST Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Topline Disney CEO Bob Iger said he would “definitely step down” from the position after his contract expires in 2026, making the announcement only a year after he was brought back to the role from retirement. Bob Iger recently extended his contract after initially stating he only planned to stay for two .

. . [+] years.

Getty Images for Disney Key Facts One year ago, Disney made the shocking announcement that it would bring back Iger as CEO, replacing his hand-picked successor Bob Chapek. Iger initially planned to stay for only two years, but in July extended his contract until 2026. In comments at the New York Times’ DealBook Summit on Wednesday, Iger said he “distanced himself” from the company and Chapek after his retirement in 2021, telling moderator Andrew Ross Sorkin “in a way, it wasn’t my business—it was his business to run.

” However, Iger also said he was “not happy with what [he] was seeing” during Chapek’s tenure as CEO. Surprising Fact Iger also confirmed ABC was not up for sale, but did note that the company was “constantly evaluating” the broadcast network’s worth as the entertainment behemoth’s linear TV products reportedly struggle. Key Background Iger was reinstated as CEO of Disney in November 2022, only two-and-a-half years after his first stint as CEO ended.

Iger previously worked for the entertainment giant for over 50 years, including 15 serving as CEO from 2005 through 2020. Before he returned to Disney, the company lost nearly $1. 5 billion in fiscal year 2022, primarily from streaming services Disney+, Hulu, and ESPN+.

Crucial Quote “I was not happy with what I was seeing,” Iger said of his dissatisfaction with Chapek’s performance. “I worked hard to build the company into what it was over a long period of time. I was proud of those accomplishments.

It hurts when something that you’ve put your heart and soul into is going through a difficult time. ” Tangent Iger also addressed Disney’s decision to pull advertisements from X, the app formerly known as Twitter, after owner Elon Musk approved of an antisemitic tweet. Iger said he “had a lot of respect” for Musk, but no longer wanted to be associated with the social media company.

“By him taking the position that he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one for us,” Iger said. Further Reading MORE FROM FORBES Bob Iger Is Back As CEO Of Disney: Four Lessons For Leaders By Benjamin Laker MORE FROM FORBES Apple And Disney Pull X Ads After Musk’s Promotion Of Antisemitic Post-Joining These Other Companies By Brian Bushard MORE FROM FORBES Why Disney’s Succession Remains The Biggest Question For The Magic Kingdom By David Bloom Zachary Folk Editorial Standards Print Reprints & Permissions.