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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Disgruntled Walt12 hours ago

They started filming the biopic of Bob Iger in Animal Kingdom today. Bold choice to cast Ginnifer Goodwin as Bob:

HMF13 hours ago

He appreciates them as a form of advertising. He doesn't acknowledge it as an art form on it's own.

HMF13 hours ago

That is what it is supposed to be. Some of the changes in 2006 muddied the waters a bit. https://vocal.media/wander/pirates-of-the-caribbean

lazyboy97o1 day ago

It’s like asking someone who doesn’t care for sports their favorite team. He doesn’t enjoy or even really get the appeal of theme parks, so of course his answer is going to be rather tepid. It wouldn’t be a problem except that he’s one of the most influential people in an industry he doesn’t really care about but refuses to delegate to those who do.

JD801 day ago

Isn't there some quote where Walt said that the ride was meant to be like a cocktail party where you see/listen to something different each time you rode it?

Robbiem1 day ago

I thought the whole point of Pirates was that it creates an environment rather than a story that you dip in and out of. I remember reading a quote where Walt said it was being at a cocktail party and hearing different conversations. The movie overlay shifts it a little but I think it’s a reason why it has good re-ridability you can pick up new bits each ride

Sir_Cliff1 day ago

To be honest, I don't care that much and decided not to comment when I watched it a few days ago as I didn't want to get stuck in a pro/anti-Iger discussion. That reaction to the ride was just what struck me the most in the video as the praise he was giving the attraction that included describing it as quaint and not brilliant storytelling would probably count as negging if you were to do that to a person in a social situation. But, perhaps he just generally has an understated way of communicating. 🤷‍♂️

JD801 day ago

Ok, but you're over analysing what Iger said. There is no literal story being told. But the combination of music, setting, sounds, animatronics etc combine to make a brilliant timeless ride. All of that "combining" is the brilliant execution. Or at least thats how I interpreted what he said. I interpret what you are saying is all of that combined is the storytelling. I think you essentially agree with Iger but are using different words. At least that's how I read it.

Sir_Cliff1 day ago

I don't mean to be rude, but I don't think it is. There are different ways to tell a story and Disney theme park attractions are just one medium in which you have examples of that.

JD801 day ago

This is just semantics at this point.

Sir_Cliff1 day ago

Perhaps it suggests a different understanding of or approach to storytelling. One thing that I think Imagineering has become too hung up on is the need to tell linear narratives in attractions. I think Walt and the Imagineers at the time understood that theme park rides are generally not the best form for telling stories in that way, hence the more experiential attractions like Pirates and Haunted Mansion.

Disney Analyst1 day ago

Yeah. I’d say he actually nailed it. Especially when you consider how they build their attractions today. Walt’s attractions, and especially pirates are, very much of the abstract at times.

JD801 day ago

The story telling is not brilliant but he said the execution was. Doesn't seem odd.

Sir_Cliff1 day ago

I also found it interesting and probably a positive thing to see Iger discussing and acknowledging the legacy of Walt Disney. Must say that I found his comments after riding Pirates of the Caribbean a little odd, particularly considering he had said it was his favourite attraction. My impression from his comments after riding was that he didn't actually like it all that much, as he described it as quaint and not brilliant storytelling.