Disney's former CEO extends term after failing to find successor

Disney CEO Bob Iger has extended his contract through 2026, the company said in an announcement. This means he will stay at the company longer than he said when he returned. After first serving as CEO from 2005 to 2020, Iger announced his return to Disney late last year, when he promised to stay for only two years and look for a potential successor before his term ended.

Iger said in a statement that he would stay on longer "because I want to ensure Disney is in a strong position when my successor takes the helm." He continued: "The importance of the succession process cannot be overstated, and as the Board continues to evaluate a slate of highly qualified internal and external candidates, I remain laser-focused on a successful transition."

Since rejoining Disney, Iger has made some major changes at the company, including three rounds of layoffs affecting 7,000 employees and some adjustments to its streaming products.

Iger replaces former CEO Bob Chapek, who took over in early 2020. Chapek's two-year tenure was criticized for the pandemic and its aftermath, as well as controversial decisions such as releasing "Black Widow" simultaneously in theaters and on streaming platform Disney+, which allegedly violated the contract with star Scarlett Johansson.