Bob Iger Brings Back Prodigal Executives Tom Staggs and Kevin Mayer For Advice
Oh, how the tables have turned.
As Disney continues to struggle to reach profitability with its streaming business and faces an uncertain future in linear television, Disney CEO Bob Iger is turning to two familiar faces to help turn things around.
Photo: The Walt Disney Company
Former Disney executives and potentially Iger successors Kevin Mayer and Tom Staggs have been brought on board to help advise Disney on the future of its legacy TV business.
Former Heir Apparents
Prior to his ouster in 2016, Staggs was seen as the most likely successor to Bob Iger, serving in different capacities as CFO, chairman of Walt Disney Parks and Resorts Worldwide and finally as COO.
GENE DUNCAN/DISNEY/GETTY IMAGES
In 2016, however, Bob Iger once again pushed off his Disney exit and extended his contract through 2021. The writing was on the wall for Staggs, who mutually agreed to part ways with the company.
Mayer, meanwhile, was named chairman of Walt Disney Direct-to-Consumer & International in 2018 and led the launches of DIsney+ and ESPN+. Like Staggs, Mayer was once considered a possible replacement for Iger, although the job would eventually go to Bob Chapek.
Photo: TheWrap.com
In 2020, Mayer resigned from The Walt Disney Company to become the CEO of TikTok.
In 2021, Staggs and Mayer reunited to create the Blackstone-backed media company Candle Media.
Photographer: Jesse Grant/Getty Images for Disney
A Tough Road Ahead For Disney
Bringing Staggs and Mayer into the fold is both an indictment on the current state of The Walt Disney Company and a testament to the amount of work Iger has to do.
Earlier this month, Bob Iger stated that Disney may look to sell off its linear television stations such as ABC. In an interview with CNBC, Iger admitted that linear TV stations “may not be core” to the company’s future.
Likewise, both Iger and ESPN president Jimmy Pitaro have been open about the fact that the company is looking for strategic partners to help with ESPN.
Could Staggs Or Mayer Succeed Iger?
While Mayer and Staggs have reportedly been brought back into the fold in “advisor” capacities, the return of the prodigal executives could have implications for the future of the company.
Recently, Bob Iger extended his contract until 2026. With that being said, it is no secret that Disney is desperate to find his successor.
Photo: Chip Somodevilla/Getty Images
With the exit of CFO Christine McCarthy earlier this year, Disney’s corporate hierarchy has only gotten more muddled.
While internal candidates including Dana Walden and Josh D’Amaro have been named as possible successors, no one seems to have the inside track.
Photo: Disney
According to PuckNews founder Matthew Belloni, for now, at least, Staggs and Mayer are simply advisors. Whether or not their renewed relationship with Disney could mean more in the future, remains to be seen.
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