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The future of Disney is still in the stars. Current CEO Bob Iger is now extending his contract for lack of a successor. Learn more about this here.
In 2018, an era was to come to an end at Disney. Chief Executive Officer (CEO) Bob Iger, now 66, was set to retire, leaving behind a difficult legacy. By 2016, experts and insiders thought the succession was already settled. Thomas Staggs, the Chief Operating Officer (COO) and thus the number two of the Disney empire, was considered a sure successor. But Thomas Staggs resigned unexpectedly and had his last day on the job on May 6, 2016. What's going on at Disney?
Iger and Staggs - a dream team so far
Since 2003, Bob Iger and Thomas Staggs have maintained a friendship. The two are considered easy-going, athletic types. They are middle-class fathers with children of a similar age. In fact, the two men have even more in common. Thomas Staggs saved Bob Iger's life. Back then, when several Disney executives were having lunch together, a piece of meat literally got stuck in Iger's throat. While the colleagues present helplessly patted Iger on the back, Staggs skillfully applied the Heimlich maneuver. Disney's then-chief financial officer survived with a broken rib and rose to the top of the corporation two years later. Since then, Iger had purposefully built Staggs as his successor.
Weighed and found to be too light
Staggs had long been considered a safe crown prince at Disney, though that was never officially confirmed. With the announcement of Bob Iger's departure, however, the company widened its search for a successor. The previous number two in the group did not seem to meet the expectations placed on him. Insiders from exness download rumored that Thomas Staggs was found unsuitable after a long and intensive examination. Disney was now - shortly before Bob Iger's retirement - without a successor.
Great expectations for the successor
The successes Bob Iger has had are immense. Not long ago, for example, Star Wars Episode VII: "The Force Awakens" became one of the most successful films of all time - and the successors will also bring in a lot of money. Under Iger's leadership, Disney is taking over Pixar and Marvel. The Disney empire is worth billions. The group includes the film studios, the television division with channels such as ABC or ESPN, the fairytale theme parks and the huge merchandising division with T-shirts, cuddly toys, figurines, Mickey Mouse ears and other things that fans around the world desperately want to own. Running the empire is a very diverse job that could prove difficult in the future.
Iger leaves problem areas
In total, the Disney corporation has a stock market value of about $164.5 billion. Annual sales exceed $52 billion, and more than 185,000 people work for Disney worldwide. In all areas, the company has shown solid growth in recent years. Revenues from cruise ships and resorts are also reliably rising. But there are problems Iger won't be able to solve by 2019. More and more people are using the Internet to watch movies, spurning traditional TV programming. Disney's TV division is already struggling with this. The ESPN channel, which broadcasts many sports programs, is particularly affected. The cost of broadcasting rights is rising, and dwindling viewer numbers are becoming a problem. That's one of the big challenges for Iger's successor.
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