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

Jul 12, 2023 in "The Walt Disney Company"

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.

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,

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Magic Crush Drop5 hours ago

Be careful with using AI for legal searches. Sometimes it makes up stuff.

Dranth6 hours ago

Yes, a journalist in much the same way Alex Jones was.

AdventureHasAName6 hours ago

It's a first-person account, not a "rumor." He could be lying, but it still wouldn't be a rumor.

AdventureHasAName6 hours ago

He's one of like four journalists left in America.

AdventureHasAName6 hours ago

Yeah, but they killed their film division to turn a slight profit (on paper). They robbed Peter to make sure Paul was barely not-starving.

Dranth6 hours ago

Without getting too far into the weeds there are a number of other settlements and ongoing issues beyond those including by his own company which drove him out. Let's just say he never made it to his ethics classes.

Magic Crush Drop6 hours ago

I think it's hard to do so considering the source that posted this. Honestly think this shouldn't be allowed because it gets into political discussions that don't really pertain to Disney outside of rumors.

IanDLBZF6 hours ago

Folks, let's not dive deep into the political nature of this.

ABQ6 hours ago

Excuse my ignorance of this guy, and maybe it's just bad AI search results, but are there more than just these two court losses, one of which he was the plaintiff? Court cases lost by james o'keefe Based on the provided search results, James O’Keefe has lost the following court cases: Vera vs. O’Keefe: O’Keefe agreed to pay $100,000 to settle a lawsuit with a former employee of a social welfare agency who accused O’Keefe of misrepresenting him in a widely distributed video. The video was part of O’Keefe’s activism against ACORN, a social welfare agency. O’Keefe vs. MainJustice: O’Keefe lost a libel suit against legal news website MainJustice. The court dismissed the case, finding that O’Keefe’s claims of defamation were not convincing. These are the only two court cases mentioned in the provided search results where James O’Keefe was a defendant and lost the case.

Disstevefan19 hours ago

Just to be clear. This is happening EVERYWHERE today, not just TWDC. Just to be clear on another point I learned long ago. Life is not fair.

denyuntilcaught9 hours ago

I wouldn't say they are. As stated, O'Keefe is National Requirer for the right.

easyrowrdw9 hours ago

The Supreme Court has affirmed that - Ricci v DeStefano is a (relatively) recent example. What's interesting is that some of the federal districts have different standards for evaluating discrimination claims. I think it would depend on what the claim is. You don't have to show extensive or a pattern of discrimination. That can bolster an individual's case, but it is not a necessary component.

ToTBellHop10 hours ago

It shouldn't be tolerated if it's actually happening, but I don't think it is in this company. It would be very hard to argue they are passing over white men for management positions when there are a ton of white men in management positions at Disney. It's not like there is a written test to become CEO where they are artificially raising the scores of other people. Maybe they can get Stephen Miller to try to argue this one, though.

Brian10 hours ago

I'm so glad the same company that lectures us about racism day after day is here to be racist pieces of garbage in their hiring practices. As if we needed a James O'Keefe report to know that 🤣