by Ray Keating
News
DisneyBizJournal.com
July 12, 2023
The Walt Disney Company announced today that the company’s board of directors voted unanimously to extend Bob Iger’s contract as CEO through the end of 2026. That’s a two-year extension on the contract that brought him back to the top spot at Disney.
Mark G. Parker, chairman of The Walt Disney Company, said, “Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs. 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.”
Iger, of course, returned to the Disney CEO position in November 2022, after Bob Chapek, who was Iger’s handpicked successor, was fired.
Iger said, “Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve been facing from the broader economic environment and the tectonic shifts in our industry. On my first day back, we began making important and sometimes difficult decisions to address some existing structural and efficiency issues, and despite the challenges, I believe Disney’s long-term future is incredibly bright.”
Recently, Disney has had a string of movies that flopped at the box office, in part due to enormous budgets tied to those films. At the same time, the Disney parks had been thriving, though crowds seemed to thin during the July Fourth holiday.
Iger, who is 72, added, “But there is more to accomplish before this transformative work is complete, and 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 has his work cut out for him between now and December 31, 2026, to get Disney back on track. Disney’s stock price basically has been flat year to date, but down from its recent high of $113.21 per share as of early February 2023, and closing today at $90.15.
__________
Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.
The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?
Consider books by Ray Keating…
• The Pastor Stephen Grant thrillers and mysteries. You can order the latest book in the series – Under the Golden Dome: A Pastor Stephen Grant Novel. Get the signed books here, or paperbacks and Kindle editions right here. AND pre-order For Better, For Worse: A Pastor Stephen Grant Short Story – Kindle editions or signed books.
• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.
• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon.
• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.
• Behind Enemy Lines: Conservative Communiques from Left-Wing New York – signed books or at Amazon.
• Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at Amazon in paperback or for the Kindle edition, and signed books at www.raykeatingonline.com.
Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.
No comments:
Post a Comment