• by Karlene Lukovitz  @KLmarketdaily, July 13, 2023

Walt Disney announced on Wednesday that its board of directors had voted unanimously to keep Bob Iger on as CEO through 2026. 

Iger’s current contract, which began when he returned as CEO seven months ago, would have expired at the end of this year.

It had been widely speculated in the industry that he would stay on. 

Iger had previously served as CEO and chairman from 2005 to 2020, and served as executive chairman and chairman of the board from 2020 to 2021. 

Since his return as CEO in November 2022, following Disney's ouster of Bob Chapek after two years in the CEO role, Iger has restructured the company, cut 7,000 jobs and reduced content and other costs in a push to achieve $5.5 billion in savings over the next few years, turn a profit in Disney's direct-to-consumer/streaming business, and improve the company's overall financials.

"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," Mark G. Parker, chairman of The Walt Disney Company, said in Wednesday’s press release.