Disney’s CEO Bob Iger has identified succession as a top priority as he looks to turn the company around and name a new chief executive before his two-year contract ends. His previous pick, Bob Chapek, was abruptly pushed out of the role in November after a challenging reign, and Iger returned to the position to provide stability.
Speaking at a Morgan Stanley investor conference, Iger stated that succession was at the top of the list, but it was ultimately between him and the board. Mark Parker, the new board chairman, leads the succession committee, which Iger confirmed had already met. Iger stressed the importance of identifying the right successor in a timely manner, and he was confident that they would do so.
Regarding his return to Disney, Iger said it was clear that the company needed to be stabilized, reorganized, and that cost structure had to be addressed. The company has made significant strides in these areas already, and Iger now wants to focus on getting the content pipeline right and ensuring the right decisions are being made. He emphasized the importance of execution in an increasingly competitive world, particularly with the threat of tech disruption.
Last month, Disney announced it would cut 7,000 jobs and slash costs by $5.5 billion, including $3 billion in content expenses. Iger dismantled the DMED (Disney Media and Entertainment Distribution) division set up by Chapek, and the restructuring included breaking out ESPN into its own division.