Shulou(Shulou.com)11/24 Report--

On the morning of July 13, Beijing time, it was reported that the term of office of Bob Iger, the current chief executive of Disney, would be extended by two years, and his employment contract would last until 2026.

After the news, Disney shares moved steadily and did not fluctuate significantly.

Disney chairman Mark Parker (Mark Parker) said that in terms of value creation, Iger once again put Disney in the right direction, in order to ensure the smooth completion of the company's transformation plan, and in order to find a new chief executive, the Disney board believed that it was in the interest of all shareholders to extend Iger's tenure, and Iger agreed to the board's request to continue to work until 2026.

Mr Iger, who has been Disney's chief executive for more than a decade, handed the role of chief executive to Bob Bob Chapek in 2020, but the new boss did not perform well and returned to Disney "firefighting" as chief executive again at the end of last year.

In February, Iger said in an interview that his tenure as chief executive would not exceed two years, meaning his employment contract would expire in 2024. He said one of the important tasks of his tenure was to find a new chief executive.

For Iger, the issue of successors remains a top priority. On Wednesday, local time, he said in a statement that Disney's board was continuing to evaluate the list of suitable candidates for the post of chief executive.

When it comes to extending his tenure, Iger said he wanted to make sure that Disney was in a very strong position when its successors took office, and that "the issue of successors is very, very important to Disney."

It is worth mentioning that Mr Iger has delayed the search for a successor several times in his past as chief executive. From 2013 to 2017, for example, he said he would retire on four occasions, but then extended his tenure as chief executive.

Iger's return to Disney in the face of danger comes at a time when the traditional media has undergone great changes and transformation. The film and television media market is changing rapidly, traditional advertising spending is shrinking, and the general public has abandoned old-fashioned cable television in favor of emerging online video. Disney has no choice but to adapt to this change in spending habits.

Even in the streaming market, it has become increasingly difficult for participating platforms in recent quarters, with content spending on video platforms continuing to expand and consumers being more cautious about buying members and content consumption on the other.

The slowdown in the US online video market in 2022 halved the market capitalization of many players, including Netflix, Disney, Warner Brothers Discovery and Paramount Global. Fortunately, the US stock market rebounded in the first half of this year, and the share prices of some video companies rebounded.

After returning to Disney, Iger made drastic reforms and restructuring, including the dismissal of 7000 employees.

In the statement on Wednesday, Mr Iger said Disney management had taken important (and sometimes difficult) decisions to address the company's structural and efficiency problems and was proud of its achievements. But he said Disney has more work to do to achieve all its transformation goals, and he will supervise all the work from the beginning to the end.

In order to cut costs, Disney began to reduce some of the content of the video platform. In addition, Disney also needs to get out of the quagmire of the animated film business. Recently, Disney's Pixar animated film "Crazy element City" grossed at the box office, with its first weekend setting the worst box office record since Pixar's "Toy Story" was released in 1995.

Recently, Disney's plan to cut 7000 jobs was completed, while senior executive and chief financial officer Christine McCarthy left the company.

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