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Credit: Inside the MagicDisney CEO Bob Iger says that the company currently has one big priority: getting rid of him and finding a new chief executive.
Since Bob Iger returned as CEO after his chosen heir, Bob Chapek, was unceremoniously ousted by the Disney board of directors, he has struggled to regain the trust of the board, shareholders, and fans around the world. Some of that is not his fault; he was brought back to head the company amidst the COVID-19 pandemic, crashing box office numbers, and a titanic, ongoing legal battle with anti-woke crusader and Florida governor Ron DeSantis.
But some of it arguably is. During the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) strikes last year, Bob Iger described the strikers as “unrealistic” and was reportedly frustrated that his massive, nine-figure compensation package was being criticized.
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He also laid off hundreds of Disney employees, slashed budgets, and shut down entire departments across the company. Combined with Disney’s dismal box office year, the CEO emerged as one of Hollywood’s most villainized executives.
Most worryingly to many Disney fans and shareholders, it became increasingly unclear whether Bob Iger ever intended to leave the company voluntarily. While there has been much speculation as to who could be his successor, Iger has extended his contract, and there is no confirmation that he will ever give up his role as CEO.
However, if you ask Bob Iger, the Disney board of directors is actively working to find an appropriate successor for him, and the company considers it a “number one priority.”
In a recent interview with CNBC, Bob Iger revealed that there was a committee actively searching for his replacement and that they met “regularly.” The legendary executive said, “It’s probably the board’s number — it is the board’s number one priority. I’m confident we’re going to find a successor to me in due time and in the right time. And, again, I think the commitment of the board, the attention to the process is all very, very healthy.”
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Tellingly, that still gives no timeline or indication that Bob Iger is ready to move on from the company where he has spent much of his professional life. On the other hand, Iger is currently facing an imminent proxy battle in which billionaire activist investor Nelson Peltz is attempting to seize seats on the board of directors to get rid of him, so it might not be up to the CEO for too much longer.
Do you think Bob Iger will ever voluntarily give up his role as CEO? Tell us in the comments below!