Disney CEO Bob Iger vows to step down in 2026, assures ABC will not be sold
Disney CEO Bob Iger Plans to Step Down in 2026
LOS ANGELES (Reuters) – Walt Disney (DIS.N) Chief Executive Bob Iger said on Wednesday he would “definitely” step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale.
In a wide-ranging interview at the New York Times Dealbook Conference, Iger also said he was “bullish” on the prospects for Shanghai Disneyland and he expected the company would expand the theme park “relatively soon.”
Iger, 72, returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. He had planned to stay for two years but agreed to extend his stay through 2026.
Disney’s board is undertaking a “robust” search for a successor, Iger said, adding that he was “definitely going to step down” at the end of his current contract.
Since his return, Iger has restructured the company and streamlined operations to make the business more cost effective. It is on track to exceed the $5 billion in cost savings it promised investors in February.
Disney’s ABC unit is not up for sale, Iger said, as the company deals with a decline in linear television with viewers’ shift toward streaming. Iger had said earlier this year that networks such as ABC may not be “core” to Disney going forward.
In the movie business, Iger said the company had made too many sequels and had made a “mistake” by asking Marvel Studios to provide so many series for the Disney+ streaming service.
“Quantity, in our case, limited quality and Marvel suffered greatly from it,” Iger said.
Iger acknowledged that the issues facing Disney were “much more challenging than I expected,” but added: “I’m not daunted by it. It’s just a lot more work.”
He also addressed Disney’s decision last week to pause advertising on social media platform X after owner Elon Musk endorsed an antisemitic conspiracy theory.
Disney felt the association with X following Musk’s move “was not a positive one for us,” Iger said, adding that units such as ABC News and ESPN were permitted to use the platform to communicate even though advertising was halted.
Disney shares closed nearly unchanged at $92.44 on the New York Stock Exchange.
Reporting by Zaheer Kachwala in Bengaluru and Lisa Richwine in Los Angeles; Editing by Maju Samuel, Cynthia Osterman, Edward Tobin
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What strategies has Disney implemented to maximize revenue streams and expand its global presence?
E of too many sequels and an oversaturation of content is a mistake that Disney has made. He emphasized the importance of quality over quantity and admitted that Marvel Studios, a subsidiary of Disney, had suffered as a result of this approach. This acknowledgment showcases Iger’s commitment to learning from past missteps and working towards improvement.
When it comes to the future of Disney, Iger expressed optimism about the prospects of Shanghai Disneyland. He stated that he expected the company to expand the theme park in the near future, indicating a commitment to further investment and growth. This aligns with Disney’s strategy of expanding its global presence and maximizing its revenue streams.
Furthermore, Iger dismissed rumors about the potential sale of the ABC broadcast network. Despite the challenges posed by the decline in linear television and the rise of streaming platforms, Iger affirmed the importance of ABC within the Disney portfolio. This demonstrates his confidence in the network’s ability to adapt and remain relevant in the evolving media landscape.
Looking ahead, Disney’s board is actively searching for Iger’s successor and he will step down when his current contract ends in 2026. This provides ample time for a smooth transition and ensures that the company’s leadership remains stable. Iger’s dedication to the success of Disney is evident in his decision to return as CEO and extend his stay to oversee the necessary changes and improvements.
During his tenure, Iger has successfully restructured the company and implemented cost-saving measures that have exceeded investor expectations. This demonstrates his ability to make strategic decisions and deliver results. Under his leadership, Disney has remained a powerhouse in the entertainment industry, continuously innovating and adapting to meet the demands of a changing market.
In conclusion, Disney CEO Bob Iger has announced his plans to step down in 2026, providing clarity about the future leadership of the company. In the meantime, he remains focused on driving growth, particularly in Shanghai Disneyland, and ensuring the success of Disney’s diverse range of businesses. Iger’s commitment to quality, his acknowledgment of past mistakes, and his strategic vision for the company are all factors that contribute to his impressive tenure as CEO and pave the way for a promising future for Disney.
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