After successfully fending off activist investor Nelson Peltz, Disney (DIS) CEO Bob Iger said the company’s board will be more concerned about the future, especially who the entertainment giant’s next CEO will be. He said he is focusing on narukaruka.
In an interview with CNBC on Thursday, Iger said succession planning remains Disney’s most important area of focus and categorized it as the board’s “top priority.”
He noted that the company’s succession committee, led by board members Mark Parker and James Gorman, has met seven times in 2023 and intends to meet more this year. Bob Iger’s contract is set to expire at the end of 2026.
”[The board is] Iger added: “I’m confident they’ll pick the right people at the right time. They’re approaching this with a sense of urgency because it’s so important.”
Finding a successor has been a key challenge for Mr. Peltz and his supporters through a months-long proxy battle that officially ended at the company’s annual shareholder meeting on Wednesday.
Disney announced at its general meeting that its current board of directors will remain in place after the company won a shareholder vote “by a significant margin.” Mr. Peltz had sought to secure board seats for himself and former Disney chief financial officer Jay Laslo.
“This whole process has given the board and some of the management an opportunity to engage with many of our shareholders, perhaps at a deeper level,” Iger said. “What we heard, surprisingly, was exactly in line with our priorities…Obviously shareholders are interested and very attentive to succession.”
Disney’s succession dispute began in 2020, when Iger personally selected Bob Chapek, then the company’s head of parks, experiences and products, to succeed him.
Shortly after, the COVID-19 pandemic changed business forever. During Chapek’s tenure, Disney also faced political battles, top talent issues and a controversial reorganization. Meanwhile, Čapek had to contend with the ever-looming shadow of Iger, who had voiced opposition to some of Čapek’s decisions even before his return. Chapek was ousted from his post in November 2022 after less than three years in office.
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