Disney CEO Bob Iger To Step Down In Two Years

Bob Iger, the CEO of Disney, stated that he will step down from the company in two years and has no intention of serving as the company's leader beyond the term of his two-year contract, as per a report in CNBC. 

"Well, my plan is to stay here for two years, that's what my contract says, that was my agreement with the board, and that is my preference," Mr Iger told CNBC on Thursday.

Mr Iger said that in addition to assisting the board in "succeeding at succession," he has a lot to accomplish in a brief amount of time. Last year, the Disney board fired CEO Bob Chapek and Bob Iger was chosen as his replacement.

He continued, "We thought we made the right decision when we chose Bob (Chapek) in 2020. The board decided in November he wasn't the right person for the job and made a change."

The first few months of Mr Iger's tenure had been difficult. Nelson Peltz, an activist investor, was waging a proxy war against him over the company's $71 billion acquisition of 21st Century Fox and the Mouse House's failing succession plan.

Also Read: Disney Lays Off 7,000 Employees As Streaming Subscribers Decline

It is to be noted that this week, Disney announced to cut 7,000 jobs as a part of its cost-cutting measures which the CEO called a "significant transformation" to up profitability. The company also said that it would stop providing guidance on its subscriber counts and instead concentrate on revenue in order to get its streaming business profitable by the end of 2024.

However, the investor Nelson Peltz later confirmed to CNBC that the "proxy war was over." "Now Disney plans to do everything we wanted them to do. We wish the very best to Bob (Mr Iger), this management team and the board. We will be watching. We will be rooting. "The proxy fight is over," he confirmed to the outlet. Disney also expressed its appreciation for Mr Peltz's decision.