Earlier this year, Disney CEO Bob Iger renewed his contract through 2026. Iger has said he actually plans to walk away from Disney forever when his contract is done. Iger has extended his contract as CEO to avoid retirement on five different occasions. Of course, when Iger left at the end of 2021, he said the same thing.
This executive predicted “fool me five times, shame on me.” Disney has many strategic problems that don’t have easy answers, such as figuring out how ESPN’s business fits in a direct-to-consumer world and how to wind down its legacy TV cable networks. Those problems demand a leader with a steady hand who understands the industry. Is there a better leader of Disney than Bob Iger? The Disney board has decided, over and over again, that there is not. Why would this time be any different?
Executive 3: Nelson Peltz and Jay Rasulo will win their campaign to join the Disney board
Nelson Peltz, founder and chief executive officer of Trian Fund Management, during the Future Investment Initiative (FII) Institute Priority Summit in Miami, Florida, on Thursday, March 30, 2023.
Marco Bello | Bloomberg | Getty Images
One thing that may prevent Iger from extending his contract is if Nelson Peltz and Jay Rasulo get board seats. Last week, activist investor Peltz and former Disney Chief Financial Officer Rasulo criticized Disney’s failed succession planning as part of a statement announcing their intentions to run for Disney’s board of directors when nominees are selected next year.
“In our view, Disney’s board has failed to fulfill its essential responsibilities – overseeing the development of an effective strategy, planning for orderly succession, aligning executive pay with performance, and ensuring accountability for operational execution,” Peltz said in the statement.
This executive predicted Peltz and Rasulo will win their campaign and both join the board. A second person guessed only Rasulo will get a spot — perhaps via a settlement before a vote.