By Michelle Chapman
Bob Iger will remain as CEO of The Walt Disney Co. through the end of 2026, agreeing to a two-year contract extension that will give the entertainment and theme park company some breathing room to find his successor.
Shares climbed before the market open on Thursday.
Iger rejoined Disney as CEO in November, taking over control of the company from Bob Chapek. He had previously served as CEO and chairman from 2005 to 2020 and then as executive chairman and chairman through 2021.
Chapek's short tenure was met by much criticism, particularly from Disney park loyalists who openly criticized Chapek on social media. The perception among many fans was that Chapek had a “business first, customer last” mentality.
Iger wasted no time once back in the CEO role, making one of his priorities reconnecting with the Disney theme park die-hards and restoring their faith in the brand.
“Because I want to ensure Disney is strongly positioned when my successor takes the helm, I have agreed to the board’s request to remain CEO for an additional two years. The importance of the succession process cannot be overstated, and as the board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition,” Iger said in a statement.
Iger’s has attempted to protect Disney World’s theme park district from a takeover by Florida Governor Ron DeSantis. Disney sued DeSantis in late April, alleging the governor waged a “targeted campaign of government retaliation” after the company opposed a law critics call “ Don’t Say Gay.”
Last month attorneys for DeSantis, a state agency and his appointees to a revamped board that governs Disney World asked a judge to dismiss the federal lawsuit.
Disney's board gave Iger their full support, voting unanimously to extend his contract.
“Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026,” Chairman Mark Parker said in a statement.
Michelle Chapman is an AP business writer
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More