Disney board to ‘broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates for consideration’ to replace CEO Bob Iger, whose contract ends in June 2018.
Disney COO Thomas Staggs is set to relinquish his role as COO next month, according to a report by The Hollywood Reporter.
Promoted to COO just 14 months ago, Staggs had been widely considered as the heir apparent to Disney CEO Bob Iger, whose contract ends in June 2018. In a surprise move, the Disney board announced that it “will broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates for consideration” as the next CEO.
Iger's tenure, which began in 2005, is marked by unusually rapid growth with a stock price that has surged 320 percent over ten years and acquisitions including Pixar, Marvel and Lucasfilm. Iger will be 67 when his current contract expires, and could easily have his tenure extended for another period.
Disney shares fell two percent in after-hours trading following the company’s announcement that Staggs was leaving. Staggs, 55, will step down as COO on May 6 but will remain with the company in the role of special adviser to Iger until the end of Disney's fiscal year.
“Disney truly stands alone, not only because of the company’s phenomenal creativity, but also because of the thousands of remarkable people who make it such an extraordinary place," Staggs said in a statement on Monday. "It’s been a privilege to work with them and be inspired by their creativity and commitment. It’s also been a great experience to work with Bob during this dynamic era of unprecedented growth and transformation. I remain grateful for that opportunity, and I’m confident that Disney’s future will be just as exciting as its legendary past.”
Staggs had been with Disney for a 25 years when Iger made him COO in February 2015, effectively identifying him as his preferred heir apparent over Jay Rasulo, who had been CFO of Disney and also chairman of its parks of resorts unit. Passed over for the COO spot, Rasulo left Disney in June.
Formerly Editor-in-Chief of Animation World Network, Jennifer Wolfe has worked in the Media & Entertainment industry as a writer and PR professional since 2003.
