• by Wayne Friedman , July 13, 2023

Bob Iger's interim, two-year status as CEO of Walt Disney has been extended two more years until 2026.

In November 2022, Iger made a dramatic, somewhat surprising return to Disney, replacing Bob Chapek as CEO.

Chapek previously succeeded Iger in 2020, who had been at the job for 15 years.

Iger continued as executive chairman of the company through 2021.  

Iger’s main focus since returning has been to reduce $5.5 billion in company-wide costs, which included stabilizing its linear TV business, as well as trimming losses at its highly-watched, direct-to-consumer business. The company D2C unit posted a $1.6 billion net loss for the most recent 12-month period.

Under Iger, Disney has been implementing a company-wide layoff -- around 7,000 staffers or 3% of its total global workforce -- since March.

Iger said his goal was to put "more decision-making back in the hands of our creative teams," continuing a decentralizing theme that has been a long-time characteristic of his reign as CEO.

“Bob has once again set Disney on the right strategic path for ongoing value creation,” Mark Parker, chairman, The Walt Disney Company, stated in a release, adding, “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.”

The board is continuing a search for a permanent successor to Iger.

Since his return in late November 2022,  Disney’s stock is down 6%, closing Wednesday at $90.15.