Disney CEO Robert Iger arrives for the 92nd Oscars at the Dolby Theatre in Hollywood, California on February 9, 2020.
Robyn Beck | AFP | Getty Images
The Walt Disney Company will extend CEO Bob Iger’s deal by two years, extending his tenure through 2026.
Iger told CNBC in February that he had no intention to stay longer than two years in his post, which would have taken him through 2024. Iger returned to the company in November, retaking the job from Bob Chapek, who was appointed CEO in early 2020. Iger planned to prepare a successor during his stint as CEO.
On four different occasions between 2013 and 2017, Iger extended his tenure as CEO after saying he planned to retire.
Iger’s second tenure at Disney has coincided with upheaval in the legacy media space. Big players like Disney have had to contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming.
Yet the streaming space has been difficult to navigate in recent quarters, as expenses have swelled and consumers become more conscious about their media spending. The slowdown in streaming subscribers cut valuations for Netflix, Disney, Warner Bros. Discovery and Paramount Global roughly in half in 2022 — before several of the stocks rebounded in the first half of this year along with the broader market.
Disney has been pulling programming from its streaming services to save money.
The company is also trying to pull its animation business out of a major rut, as its latest Pixar movie, “Elemental,” recorded the lowest opening weekend gross for the studio since the original “Toy Story” premiered in 1995.
Disney also recently finished laying off 7,000 employees and saw the departure of veteran Chief Financial Officer Christine McCarthy.
CNBC’s David Faber will interview Iger on CNBC’s “Squawk Box” at 8 a.m. ET on Thursday.
— CNBC’s Alex Sherman contributed to this report
This story is developing. Please check back for updates.
