Earlier this week, Disney announced that it prolonged Robert Iger’s contract. Bob Iger is currently filling the role of CEO and chairman and will continue doing so up to 2019. Initially, he was set to retire in June 2018. But this has now changed.
Bob Iger And His Career
Robert “Bob” Iger joined the Mouse House brand back in the 1990s. Before Disney, he served as the ABC Television president. In 1995, he was named the ABC, Inc/Capital Cities COO and president. This was acquired by The Walt Disney Company back in 1996. In 2000, Bob Iger ascended as Disney COO and president. He held this position up until 2005. At the time, he was named the successor of Michael Eisner as chief executive. He also became the company chairman back in 2012.
Initially, the now 66 years old executive set 2018 as a departure date. His work contract with the company would have expired in mid-2018, in June. Disney has long since been looking for a potential successor. Thomas Staggs, the company’s COO, was among its leading candidates. However, he left the list last April following his decision to step down.
As the Mouse House brand is still looking for a successor, it also decided to extend Iger’s contract. News on the matter was released earlier this week. On March 23rd, Disney announced that Bob Iger will continue filling his current position within the company up until 2019. His contract will now expire on Jul 02nd, 2019.
As it announced its decision to keep Iger at its helm, Disney also pointed out his
“outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future.”
Disney And Its Growth Under Bob Iger
According to media reports, Disney’s decision to extend Iger’s contract was not unexpected. This is because Bob Iger led the entertainment giant into an expansion of its holdings. These, in turn, helped it generate a significant profit. For example, Disney raised over $7 billion in box office receipts at a worldwide level. It was the first studio to ever do so.
Iger also created an “enormous value” for the company shareholders. He also increased Disney’s market capitalization. This increased from $46 billion to around $177 billion.
According to the Disney statement, the company’s Board will continue looking for a new CEO. There are currently in the “robust process of identifying a successor”. The company will also be looking to ensure a smooth transition for this new executive following Bob Iger’s departure.
Although he will be stepping down from his CEO and Chairman role, Bob Iger will still continue working with the company. For a period of three years, he has signed a consulting pact with Disney.
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