by Donald Wood
Last updated: 8:55 AM ET, Thu July 13, 2023
The Walt Disney Company announced that Chief Executive
Officer Bob Iger’s contract was extended for two additional years, through December
31, 2026.
According to Reuters.com,
Disney’s Board of Directors unanimously voted to extend Iger's contract as CEO,
a role he has held since he came out of retirement in 2022, less than a year
after he walked away from the company.
Iger returned last year after his hand-picked successor, Bob
Chapek, was pushed out after struggling to handle the “long-term challenges to
its film and television businesses.” Disney’s board said the contract extension
for Iger was approved to maintain “continuity of leadership during the
company’s ongoing transformation.”
“There is more to accomplish before this transformative work
is complete,” Iger said.
Iger’s new contract reportedly includes an annual incentive
bonus of five times his base salary, a decision that comes months after the company
revealed it would cut 7,000 jobs as part of an effort to save $5.5 billion in
costs.
The CEO’s previous contract saw him earn an estimated $27
million per year in compensation.
Iger will be tasked with continuing to remedy the issues
facing Disney, including a faltering streaming video business, weak box office
performances and massive declines in television audiences.
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