Bob Iger comments on his extended contract as Walt Disney CEO in memo to Cast Members

Jul 12, 2023 in "The Walt Disney Company"

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Bob Iger at Walt Disney World

Posted: Wednesday July 12, 2023 8:08pm ET by WDWMAGIC Staff

Disney CEO Bob Iger has written to Cast Members sharing the news of his contract extension which will see him lead the company through 2026.

In the memo, Iger says, "We’ve made important and sometimes difficult decisions to address some existing structural and efficiency issues, and I’m proud of what we’ve been able to achieve together. But there is more to accomplish before this transformative work is complete, and I am committed to seeing this through."

When Iger regained control of Disney from Bob Chapek in November 2022, his agreement with the board was to lead the company for two years and find his successor. Since his arrival, several high-profile executives have left, including one leading potential successor, CFO Christine McCarthy.

Bob Iger at Walt Disney World

We expect to hear more about his contract extension during a TV appearance with CNBC on Thursday morning.

Here is the full memo from Iger.

Dear Fellow Employees,

I want to thank you for your tremendous dedication, patience, and optimism as we’ve taken important steps to reposition the company for enduring creative and financial success. Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we face on numerous fronts.

We’ve made important and sometimes difficult decisions to address some existing structural and efficiency issues, and I’m proud of what we’ve been able to achieve together. But there is more to accomplish before this transformative work is complete, and I am committed to seeing this through.

To that end, I’m writing to share that I have agreed to the Disney Board’s request to remain CEO for an additional two years – through the end of 2026.

As I’ve said many times since we began this important transformation of the company, our progress will not be linear as we continue navigating a difficult economic environment and the tectonic shifts occurring in our industry. This is a moment that requires us to remain steadfast, strategic, and clear-eyed about the road ahead.

It is also important to me that Disney is strongly positioned when my successor takes the helm. As the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful CEO transition.

Through it all, I am unwaveringly optimistic about Disney’s future. I believe in this company. I believe in the leadership team I have around me. And I believe in you – our spectacular employees and Cast Members. It’s an honor to work alongside you as we chart Disney’s path forward together, and I look forward to all that we will continue to achieve over the coming years.

Thank you for all you do,
Bob

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DisDude332 days ago

I fully expect for Pixar to be absorbed into WDAS within the next decade and it will probably be the best thing that can happen to ether studio at this point.

Disney Analyst4 days ago

BrianLo12 days ago

I do get what you are saying, but I just don’t feel like you can adequately make that forward looking conclusion about Pixar’s slate. Pixar had 7 sequels last decade and 4 originals. It’s had 5 originals, + 2 ‘sequels’ this one. With 2 forthcoming originals (Elio and Hoppers) and 2 sequels. I don’t feel like Elio or Hoppers meet your criteria either. While WDAS looks far from stellar, we’ve seen Pixar actually being allowed to pull back. I’m just not willing to write the obituary yet.

Animaniac93-9812 days ago

Whatever cynicism I express on this forum doesn't change or eliminate all the achievements the company made in the past No amount of dumb decisions they make today can take away the stunning artwork of Pinocchio, the inventiveness of Fantasia, the monumental engineering that built WDW and EPCOT Center, the charm and wit of Mary Poppins, and all the other delights and diversions found in the past 100+ years of Disney home grown entertainments. That's why I'm a Disney fan.

Animaniac93-9812 days ago

I was just comparing Disney of the early 2010s to the Disney of 2024. I didn't mean to start a debate about why that's the case, or talk about Dreamworks, or something else, I just wanted to point out what I feel is the company now is at an even lower point creatively, despite the same CEO being in charge. It's my opinion this comes from a laser focus on output that has stifled creative thinking and led to the inverse of what @britain was saying about being great stewards of the IP they own. Both when it comes to running properties into the ground through unwarranted and uneven repetition across divisions, and leaving their media library to sit idle and largely go to waste, despite what some within the company hoped Disney+ would help. Animated films take many years to develop. Movies like Encanto and Elemental were likely in pre-production long before the decade started. I believe now that such movies would be less likely to be given the green light because they don't offer obvious franchise potential, either to start one anew or tie into something like the Disney Princess brand. I hope the company changes course in the future and proves me wrong, regardless of who is CEO.

TrainsOfDisney12 days ago

I definitely agree that Encanto and the carousel are pretty close to 100% - I’m not sure if Indy is as solid but it could be if it’s all 1 “project.” Rivers of America is a major project that honestly doesn’t seem like it has been totally thought through - but it also seems likely to proceed to the point they fill in the River unless things get delayed with permits. The worst case scenario is we lose the River and get virtually nothing. Monsters is such a wild card…. I could definitely see it getting cancelled. Actually, from a purely financial point of view I’d cancel monsters at DHS, and cancel ROA and build Villians at DHS where animation courtyard is taking over rock n coaster as well. DHS needs more stuff the most and it would certainly be cheaper to build it there vs. MK.

Moth12 days ago

Since they're starting to prep close stuff for Tropical Americas- I wanna say that at least the Encanto portion of it is set in stone by this rule. The other three... that'll be a fun race to see who can get to that point first, especially when it comes to Villains....

denyuntilcaught12 days ago

Something I feel like would never happen again today given how competitive the studios are.

UNCgolf12 days ago

I didn't say they shouldn't use IP; just that it shouldn't be forced. Many (not all) of Disney's best attractions didn't use any specific existing media property. There's a lot more freedom in designing the best possible attraction that way, because when using an existing property you're already starting off in a box (some larger than others). There's certainly a business benefit in relying on IP, both from a marketing standpoint and from an ROI standpoint. IP can prop up a mediocre or poor attraction (see Frozen Ever After) that wouldn't succeed without the IP. Note that I'm not saying IP automatically makes an attraction bad or worse than a non-IP attraction, because that's not true -- just that designers are limited when they're only allowed to use existing IP. They're also not really allowed to use the full Disney catalogue; it needs to be something that's still at least relatively popular (and probably expected to move merchandise). Disney likely wouldn't sign off on building, e.g., a Sword in the Stone attraction. They'd ask for a more recent IP instead. Also, Alien Encounter as built wasn't an IP attraction even if the original idea was based around the movie version.

Stripes12 days ago

I’ve watched several interviews of her and she strikes me as a great candidate. Intelligent, well-spoken, comes off as a great leader. Pretty much the opposite vibe I got from Chapek.

Stripes12 days ago

Alien Encounter was inspired by Alien. Rock n’ Roller Coaster relied on the intellectual property rights of Aerosmith and The Great Movie Ride relied on MGM’s IP. (Including Captain EO was a mistake.)

HauntedPirate12 days ago

I've not said it, but my money's been on Dana Walden for a while.

Notes from Neverland12 days ago

The Wrap reporting that Tom Staggs and Kevin Mayer are not seen as succession candidates for the CEO job. Dana Walden and Alan Bergman "have the early lead."

TrainsOfDisney12 days ago

IP by itself isn’t the problem - Disney has always used IP in the parks. Captain EO and Alien Encounter were not IP. Rock n roller coaster is a different category in my book as well as Great Movie Ride.