Disney Extends Contract For CEO Bob Iger To July 2019

The Hollywood Reporter has posted an article that says the contract for current Disney CEO Bob Iger has been extended out to the year 2019. This marks the second time Iger’s contact has been extended following the initial extension that was set to end in 2018. Iger himself stated that he had no desire to to have his contract extended beyond this 2018 time frame even after the departure of Thomas Staggs as Disney’s COO the month prior. Industry sources had widely speculated that Staggs would have been chosen as Iger’s eventual replacement.

So as things stand at the moment, Bob Iger will remain as Disney’s head man for at least the next few years.

Walt Disney said Thursday that Bob Iger is extending his tenure as CEO again.

Set to retire from the entertainment giant in June 2018, Iger has now re-upped his contract until July 2, 2019 amid concerns among industry observers that there is no heir apparent within the company’s executive ranks.

“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said in a statement. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”

Former Disney COO Tom Staggs was considered Iger’s likely successor until his abrupt departure last spring. At the time of Staggs’ exit, the Disney board vowed to “broaden the scope of its succession-planning process to identify and evaluate a robust slate of candidates.” It has since been mum about its succession planning. At the time, industry observers mentioned Facebook COO and Disney board member Sheryl Sandberg as a possible candidate.