Bob Iger To Step Down In 2026

Bob Iger

Disney CEO Bob Iger told the New York Times’ DealBook Summit on Wednesday he will “definitely step down” once his contract expires at the end of 2026.

The executive returned to the entertainment giant in November 2022 following the ouster of his successor-turned-predecessor Bob Chapek.

“I was disappointed in what I was seeing in the transition period and while I was out,” he said, but noted that he “worked hard at distancing myself from it.” He added that a “robust” process is currently underway to identify a new successor.

Following Iger’s return to Disney, the company has embarked on a plan to cut $5.5 billion in costs, which has included 7,000 layoffs, removing select content from its streaming services and producing a lower volume of content. Iger proceeded to up that target by another $2 billion during Disney’s third quarter earnings call earlier this month.

Despite the cost-cutting efforts, activist investor and Trian Fund Management founder Nelson Peltz, who called off a proxy fight in February, has launched a renewed push for a board seat at the House of Mouse, in which he’s expected to ask for multiple board seats to increase accountability, an individual familiar with the matter told TheWrap.

The effort is backed by former Marvel Entertainment chairman Ike Perlmutter, who was let go from Disney during its layoffs and has granted Trian sole voting power over his shares in the entertainment giant. According to a 13D filed with the U.S. Securities and Exchange Commission on Tuesday, Trian has upped its Disney stake to 7.3 million shares during the third quarter of 2023, compared to 6.42 million shares during the second quarter. The filing also discloses another 25.57 million Disney shares listed as an “other investment discretion.”