Burbank-based Walt Disney Co. has extended Chief Executive Bob Iger’s contract through 2026.
Iger previously ran the entertainment company from 2005 to 2020 but was reinstated last November to replace Bob Chapek. He originally agreed to a two-year contract to identify the next CEO successor, reports indicated.
The succession plan continues to be a priority for the company, according to officials.
“Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” Walt Disney Chairman Mark G. Parker said in a statement.
The extension is “to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success,” Parker added.
Iger said he has been addressing “existing structural and efficiency issues” upon returning to the company and is ensuring that “Disney is strongly positioned when my successor takes the helm.”
Disney is Orange County’s largest employer with 34,000 people across Disneyland Resort, which includes three hotels, two amusement parks and a retail and restaurant district.