Disney CEO Bob Iger has reportedly told allies that he plans to step down from his post before his contract expires at the end of the year.
The Mouse House’s board of directors, chaired by ex-Morgan Stanley CEO James Gorman, is planning to meet next week and vote on who will replace Iger, The Wall Street Journal reported, citing people familiar with the matter.
Iger, 74, has told close associates in recent months that his decision was motivated in part by frustration about feuds that arose at Disney-owned ABC over the decision to suspend late night host Jimmy Kimmel last year, according to the outlet.
The Disney boss also reportedly said he wanted to move on from the grind of being CEO and focus on things including spending more time with his wife Willow Bay, managing his women’s pro soccer team Angel City FC, and sailing on his newly acquired superyacht, the Aquarius.
Disney shares were flat in after-hours trading.
Disney officials have kept tight-lipped about who will succeed Iger, though the top candidates are thought to be the company’s entertainment co-chair Dana Walden and experiences chairman Josh D’Amaro, who oversees the company’s theme parks and consumer products division.
The exact timing of Iger’s departure is fluid and he is expected to remain at the company for a few months to ease the transition to his successor. It’s also possible that Iger will have a role on Disney’s board or at the company itself after his exit as CEO, according to The Journal.
Iger’s departure will mark a major shakeup for Disney. He played a key role in some of the company’s most transformative business moves during his tenure, including its acquisitions of animation giant Pixar in 2006, Marvel in 2009, Star Wars parent Lucasfilm in 2012, and 21st Century Fox’s film and television assets in 2019.
Iger originally served as Disney’s CEO from 2005 until stepping down in 2020 in favor of hand-picked successor Bob Chapek.
Chapek was forced out by Disney’s board after a tumultuous run that included clashes with Iger, who returned to replace him as CEO in Nov. 2022.
The Post has reached out to Disney for comment.
