Disney CEO Bob Iger has reportedly brought back two former executives, Kevin Mayer and Tom Staggs, to provide guidance to the media giant, according to multiple sources. Their primary focus will be on dealing with Disney’s legacy television businesses, including the ESPN sports network, and exploring strategic options for the sports channel in collaboration with ESPN President Jimmy Pitaro.
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Signing Extension with Disney
Iger recently signed a two-year extension with Disney, ensuring his tenure as CEO until the end of 2026. He returned to the position in November of the previous year after the departure of former CEO Bob Chapek, whose tenure had been marked by clashes with Florida Governor Ron DeSantis and challenges in handling political and social issues that divided employees.
Staggs and Mayer, who were well-received on Wall Street during their time at Disney, left the company after their prospects for the CEO position diminished. Staggs had served in various roles, including chief financial officer, chief operating officer, and head of theme parks, while Mayer played a crucial role in Disney’s streaming approach and worked alongside Iger on acquisitions.
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Conclusion
Finding a successor for Iger is a top priority for Disney, and a four-person committee led by former Nike chief Mark Parker has been appointed to spearhead the search. Internal candidates under consideration include Dana Walden, co-chair of Disney Entertainment, film chief Alan Bergman, and theme parks head Josh D’Amaro.
While Disney has not yet responded to inquiries, the company’s shares have experienced a modest 2% gain this year, in contrast to the broader 19% rise in the S&P 500.
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