Disney CEO Bob Iger Extending His Contract?

Eight months ago, the Walt Disney Company dumped its CEO Bob Chapek and brought back Bob Iger to take the reins. The original plan (and contract) was to bring him on for two years. It was expected that Bob Iger would return and fix the damage that had been done to the company, such as its floundering stock, political battles, Disney Plus numbers, and box office revenue.

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Meet the New Boss, Same as the Old Boss

However, eight months later, Disney CEO Bob Iger seems to have yet to do much to steer the company in a different direction. The stock is still hovering at low numbers, the last nine films haven’t done too well in the movie theaters, and there are reports that theme Park attendance is down.

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In addition, Disney has seen 7,000 layoffs, a $1 billion Lake Nona project canceled, and the Star Wars: Galactic Starcruiser shut down. The company has also lost its CFO, Christine McCarthy and its Chief Diversity Officer.

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It certainly seems like Bob Iger has his work cut out for him. Some are speculating that he will seek to extend his contract even further. Many think that it’s unlikely Bob Iger will be able to turn the company around in the next 16 months – especially without any officially stated strategy or plan. Furthermore, Bob Iger was also tasked with finding a successor to take over in 2025 – but it seems there has been little development on that front either.

SCOOP: People close to @Disney tell @FoxBusiness @RobertIger is likely to seek a contract extension beyond his current one (expiring in Dec 2024) as the company giant faces hurdles in finding a successor. More on that and our interview w $BLK CEO Larry Fink at 345pm w @LizClaman

— Charles Gasparino (@CGasparino) July 6, 2023

Could it Happen?

Although Disney has officially announced nothing, extending Bob Iger’s contract may be a very plausible scenario. On the other hand, a massive company shake-up from the top down could be just what the company needs. Considering Bob Iger was at the helm for 15 years before Bob Chapek and served on the board while Chapek was CEO, maybe it’s time to look elsewhere for a company leader.

It seems to be a situation similar to the tenure of former CEO Michael Eisner. As Disney’s CEO, Michael Eisner led the company into the late 80s and 90s Disney Renaissance and invested heavily in building multiple theme parks and attractions. But despite all his contributions and leadership, the company was leading a revolt by the end of his term to kick him out the door. It’s very possible we could see the same thing with Bob Iger.

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