CEO of The Walt Disney Company (DIS) Bob Iger has told people close to him that he wishes to resign from his leadership position before his employment contract expires on Dec. 31, The Wall Street Journal reported.
At a meeting scheduled for next week at the company’s Burbank, Calif., headquarters, Disney’s (DIS) board of directors is expected to vote on his likely replacement, according to people familiar with the matter.
Iger is expected to lead the entertainment giant for several months to mentor the new CEO after the company names his successor, people with knowledge of his plans said. While the timing of the departure is not finalized and subject to change, he could remain as a board member of Disney (DIS) after the resignation.
Iger has reportedly told his close associates that he was ready to move on from the challenges of being CEO, and the conflicts the company’s ABC network endured over a week-long suspension of late-night TV host Jimmy Kimmel in September have frustrated him.
The CEO has also said that he is looking forward to devoting more time to other activities, such as sailing his newly delivered superyacht, the Aquarius. Iger has said that he would also like to have additional time to work with his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, and Angel City FC, a women’s soccer team they acquired in 2024 for $250M.
Disney (DIS) Experiences chairman Josh D’Amaro, who oversees the company’s theme parks, consumer products, and video games, is viewed by many as Iger’s most likely successor.
Iger has added that staying in the role until the end of the contract could hurt the leadership transition, and he would like to depart early to give his successor a “fresh start.”
In February 2020, the Disney (DIS) veteran stepped down from the company’s leadership position after 15 years on the job, only to take over the reins nearly three years later following the ouster of former CEO Bob Chapek.