Bob Iger plans to step down from Disney when two-year contract ends

Disney CEO Bob Iger said Thursday that he has no plans to stay on to lead the entertainment giant for longer than his two-year contract.

Iger, who ran Disney for 15 years, was succeeded by Bob Chapek in 2020 — but, as its stock fell late last year, the company’s board ousted Chapek and announced Iger was stepping back up to serve an additional two years in the top spot. 

Iger, who says he felt a “sense of obligation” to resume the role in Disney’s “time of need,” prefers not to stay on longer than that.

“Well, my plan is to stay here for two years. That’s what my contract says, that was my agreement with the board, and that would be my preference as well,” Iger told CNBC’s “Squawk on the Street.”

“Look, I’m going to be 72 years old tomorrow. I’ve put in almost 50 years. There are other things in life that I’d like to do. I’m also confident that the board will be able to identify an able successor,” Iger said. “There are no plans right now for me to stay any longer.” 

The CEO suggested that the two-year timeline could be enough to set the entertainment empire back on its feet, even if it’s not long enough to see the full scope of all the changes — from reorganization to cost cuts — the company plans to implement during his brief return to tenure. 

Iger’s remarks come hours after Iger announced that Disney is cutting about 7,000 jobs, or 3 percent of its workforce, as part of what the CEO has called a “significant transformation” to up profitability.

The Hill has reached out to Disney for more.