Walt Disney (DIS) Chief Executive Bob Iger confirmed to analysts at a Disney investors’ event on Thursday that he is stepping down from his role when his contract expires in 2021, according to media reports.
Iger became president and chief operating officer of Disney in 2000 and added the title of CEO in 2005 following Michael Eisner’s departure. Iger became chairman in 2012.
“I’m expecting my contract to expire at the end of 2021,” said Iger, as quoted by USA Today.
“I’d say, ‘This time I mean it,’ but I’ve said that before. I’ve been CEO since October 2005 and as I’ve said many times, there’s a time for everything and 2021 will be time for me to finally step down.”
Iger then shared that he has been talking with the Disney board “for quite some time” about selecting a successor.
“They’ve been engaged in a succession process and we continue to feel they will be able to identify my successor on a timely enough basis so that this company has a smooth transition,” he said.