UPDATE December 3 - Although many Disney fans won't believe it until they see it, CEO Bob Iger has said in an interview at The New York Times' Dealbook Summit that he will "definitely" leave his position at the end of his current contract in 2026.
Iger began his leadership with the controversial restructuring of the Walt Disney Company which included the firing of 7,000 Disney employees in the aim to streamline the business and reduce costs. It now looks like these measures will save more than the original $5 billion which was promised to shareholders.
Iger confirmed that the period of fixing is complete which now makes way for the building of the Walt Disney Company again into something all Disney fans can be proud of with storytelling at the heart.
“Our progress has allowed us to move beyond this period of fixing and begin building our businesses again…we are focusing on four key building opportunities that will be central to our success.”
With a confirmed $60 billion promised to be spent on its parks, experiences and products division over the next 10 years Disney fans can be hopeful for a much needed revival.
July 13 - In a statement released by Disney last night (July 12), the breaking news is that Bob Iger will remain as the Walt Disney Company CEO through the end of 2026. The board voted unanimously for this decision as it "allows more time to execute a transition plan for CEO succession, which remains a priority for the Board,"
Iger agreed to remaining as CEO for an extra two years, "because I want to ensure Disney is strongly positioned when my successor takes the helm" This is extremely positive news for both the Walt Disney Company and Disney fans alike and we continue to hope to see Iger put measures in place to focus on improving the guest experience at the Disney theme parks across the world.
November 22 - It will come as no surprise to anyone to hear that Iger has already started to shake things up in The Walt Disney Company and restructuring is promised to start in the coming weeks.
Iger has announced that as part of this restructuring, chairman of Disney Media and Entertainment Distribution, Kareem Daniel who was put in place by Chapek, will be stepping down from his position.
Iger went on to say, “I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs, and this will necessitate a reorganization of Disney Media & Entertainment Distribution. Our goal is to have the new structure in place in the coming months. Without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses.”
It is certainly clear that Iger means business in trying to turn The Walt Disney Company around and asks for patience as he and his team of executives develop a roadmap for the promised restructuring. It seems as if Iger is putting storytelling back at the heart of The Walt Disney Company and we guess only time will tell as to the success of Iger's plan.
Disney fans are undoubtedly hoping to see a number of changes now Iger is back at the reins. Ending the Parks Reservations system, making park hopping easier and revamping Genie+ to a system which works for both guests and shareholders are just a few to get him started!
A lot of people will be interested in how much Disney are paying Iger and it appears that if Iger manages to deliver the performance goals which are set by the Board of Directors and the "Compensation Committee" that he could earn an extra £1 million annual bonus on top of the £1 million annual salary. Alongside this, Iger could earn an additional $25 million in long-term incentive awards.
Disney has updated the leadership pages on the official Walt Disney Company website to show Robert A. Iger as the new CEO. Do you think Disney has made the right decision to rehire Bob Iger? Let us know by voting in our poll below or leaving us a comment.