This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ6B0ZO_L.jpg
The board said in a statement that it aimed to maintain “continuity of leadership during the company’s ongoing transformation.”
Iger returned to Disney as CEO in November 2022, less than a year after he retired, vowing to stay for two more years to restore the business while seeking a more durable replacement after the company pushed out Bob Chapek, Iger’s hand-picked successor.
He faces challenges on multiple fronts during a period of significant transition in entertainment and media. The streaming video business, once viewed as the future of media, continues to lose money.
Terms of his contract include opportunity to receive an annual incentive bonus of five times his base salary.
Weak box office performance of marquee titles have also challenged Iger’s effort to turn around the empire.
Meanwhile, the television business is confronting long term and likely irreversible declines in audiences.
In February, Disney said it would cut 7,000 jobs in a major overhaul to save $5.5 billion in costs.
Disney shares edged up higher in after hours trading.
