Inside Bob Iger's Disney contract extension: a CEO moving to protect his legacy and get succession right this time
Dave Heger, a senior equity analyst at Edward Jones who covers Disney, told Insider in late June that the lack of any announcement about succession was pointing to an Iger extension.
That anxiety may be assuaged by Wednesday's news, but Disney still faces significant challenges. Iger cut 7,000 jobs this spring in a bid to save $5.5 billion in costs as the company faces cord-cutting and declining TV ad revenue. Longtime TV and media industry consultant Christian Knaebel suggested to Insider that Iger would be justified in extending his contract by the recent exit of CFO Christine McCarthy, because it would behoove the CEO to fill those shoes and help her successor learn the role. Some in the entertainment industry speculate Disney could one day merge with a bigger media or tech company, and it'll need a strong CFO in place to help manage such a deal.
"When I look at where the biggest challenges in the business are right now, I would have to think they would look more towards somebody who has the media background and content background," Heger said.
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