Disney Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract expires in 2026 and that Disney's ABC unit would not be sold. He also said he was optimistic about the prospects of Shanghai Disneyland and expected the company to expand the theme park "relatively soon."
It is reported that 72-year-old Bob Iger will return to Disney as CEO in November 2022 (less than a year after retirement) because the Disney board of directors dismissed his handpicked successor Bob Chapek. Bob Iger originally planned to stay as CEO for two years, but ultimately agreed to extend his term until 2026.
Bob Iger said the Disney board is actively searching for his successor. Disney's board of directors also announced new appointments. Morgan Stanley CEO James P. Gorman and former Sky TV group CEO Jeremy Darroch will serve as new directors starting early next year. James P. Gorman will serve on the Succession Planning Committee and Jeremy Darroch will serve on the Audit Committee.
Bob Iger reorganized Disney after his return, streamlining the business and making it more cost-effective. In February this year, the company promised investors that it would save $5 billion in costs.
Bob Iger also said that ABC will not be sold. The company is dealing with the decline of cable TV as viewers shift to streaming. Bob Iger said earlier this year that networks such as ABC may not be central to Disney's future.
On the production front, Bob Iger said the company was making too many sequels and asking Marvel Studios to provide so many series for the Disney+ streaming service was a "mistake." "As far as we're concerned, there's limited quantity, there's limited quality, and Marvel suffered a lot because of that," he said.
Bob Iger admitted that the problems facing Disney were "more challenging than I expected," but he also said: "I'm not intimidated by it, it just requires more work."