Disney CEO Bob Iger Comments on Disney Succession Plan
During the recent Morgan Stanley conference, Bob Iger faced questions about how he is handling his one glaring botch.
Here are Bob Iger’s comments on The Walt Disney Company’s two-year succession plan.
Iger is on the Clock
As a reminder, when Bob Iger returned to Disney last November, he indicated that he would only stay for two years.
I’ve been pretty blunt in my assessment that I don’t believe him, as Iger didn’t seem to enjoy his retirement.
However, recent internal leaks have suggested that Disney has a shortlist of potential CEO replacements, some of whom are surprising.
During a recent interview, Morgan Stanley’s Ben Swinburne asked Iger about his succession plan.
Like the rest of Wall Street, Morgan Stanley analysts wonder about this topic because Iger messed up so much with his previous promotion of Bob Chapek.
Swinburne asked the following:
“Well, I want to wrap up with basically succession and really how you’re thinking about the two years ahead of you. What are the things that you’re focusing on and excited about as you’re obviously very busy?”
Humorously, Iger’s reply was a bit defensive, as he asked, “Is that a succession question?”
Iger knows the perception of his previous mistake and is a bit sensitive regarding his rare misstep.
What Iger Said about Disney’s Succession Plan
Swinburne was really asking about Iger’s road map for his two years as Disney CEO. Incredibly, we’re already one-sixth of the way done with Iger’s second tenure.
So, Disney’s leader only has about 20 months remaining to make his mark during this return engagement.
Iger provided the following intel about Disney’s succession plan:
“Succession is pretty much at the top of the list between me and the Board.
In fact, we have a succession committee at the Board. We had a meeting yesterday, as a matter of fact. They’re meeting regularly.
We all know that not only is it an important decision, but we don’t have an endless amount of time to make it, and we’re mindful of that.
And Mark Parker, who is our new Chairman, is chairing this committee.”
Analyzing Iger’s Succession Comments
So, we’ve got multiple takeaways here. The first is that Iger really doesn’t plan to stay at Disney for long. If he does, he’s hiding it well.
Also, the Board doesn’t know that Iger intends to stay longer. If it did, they’d ask Iger to stop wasting their resources by having them meet regularly.
We’re talking about some of the most powerful leaders in corporate America. They have better things to do than meet for a job that’s not gonna be filled.
Since Disney’s Board is meeting regularly, some lucky candidate should receive a job offer as the company’s CEO over the next year or so.
Disney would prefer a smooth hand-off wherein Iger familiarizes his replacement with the intricacies of running such a larger corporation.
Iger Details His Two-Year Plan
For his part, Iger revealed why he returned to Disney and what he’s doing on the job.
“(For) me, coming back was quite actually an interesting experience because it was clear that the Company needed to be stabilized.”
Later, the CEO added, “And it was also clear that we had to come to grips with our cost structure for a variety of reasons, whether they’re competitive, disruptive or global economic. And we’ve done all of that already.”
That last part is interesting. Iger believes that he has already stabilized a company that struggled mightily under Bob Chapek.
Iger also feels he has restored economic security to Disney’s bottom line.
The fact that the CEO has managed this feat in just four months speaks volumes about how great a media leader Iger is.
Finally, Disney’s head honcho concludes with this statement:
“There’s a great team in place, and I have a lot of confidence in our ability to do that. And my goal is essentially to leave here in two years with a trajectory, whether it’s my successor or the structure of the company or the creative pipeline or revenue generation or innovation. That is very optimistic and positive.”
Frankly, Iger’s confidence here should give Disney fans faith that the worst is over.
Iger only returned in late November, but he’s already waving a “Mission accomplished!” flag.
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Feature Photo: Disney