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Disney CEO Bob Iger Recruits Former Executives to Revamp Legacy Television Business

In a strategic move to revitalize Disney’s legacy television businesses, CEO Bob Iger has rehired two former executives, Kevin Mayer and Tom Staggs. Multiple sources confirm that they will be advising Iger on navigating the challenges faced by the media giant, particularly with regards to ESPN, the sports network. An interview with CNBC revealed that Iger is even considering selling off certain assets.

H2: The Return of Kevin Mayer and Tom Staggs

Kevin Mayer and Tom Staggs are making a comeback to Disney to provide their expertise in handling legacy television businesses. Their primary focus will be on ESPN, one of Disney’s key properties. Jimmy Pitaro, President of ESPN, will be working closely with them to explore various strategic options for the sports channel.

H2: Iger’s Extended Leadership

Iger recently signed a two-year extension, solidifying his position as Disney’s chief executive until the end of 2026. Originally set to step down in 2024, Iger came back to lead the company in November of the previous year after the departure of former CEO Bob Chapek, whose tenure had been marked by clashes with Florida Gov. Ron DeSantis and controversies surrounding political and social issues within the company.

H2: Staggs and Mayer’s Return

Both Staggs and Mayer were well-regarded during their previous stints at Disney, earning praise on Wall Street. Their departures from the entertainment giant were primarily motivated by their aspirations to become the CEO, which ultimately did not materialize.

Staggs held various key roles at Disney, including chief financial officer, chief operating officer, and head of theme parks. Meanwhile, Mayer collaborated with Iger on acquisitions and played a crucial role in shaping Disney’s streaming strategy.

H2: The Quest for Iger’s Successor

As Iger plans for his eventual departure, finding a suitable successor has become a top priority for Disney. To facilitate the search, the company board has assembled a four-person committee, led by former Nike chief Mark Parker.

Potential internal candidates for the CEO position include Dana Walden, co-chair of Disney Entertainment, Alan Bergman, head of the film division, and Josh D’Amaro, in charge of the theme parks, according to news sources.

H2: Company Performance

Investors have been closely monitoring Disney’s performance in the market. Unfortunately, the company’s shares have experienced only a 2% increase this year, in stark contrast to the 19% rise seen in the S&P 500.

In conclusion, Disney CEO Bob Iger is enlisting the expertise of former executives Kevin Mayer and Tom Staggs to address the challenges posed by legacy television businesses. Their focus will primarily be on ESPN, with the goal of devising strategic solutions for the sports channel. As Iger continues to lead Disney until 2026, the search for his successor becomes a crucial task, with internal candidates being considered. Investors are keeping a close eye on Disney’s performance, hoping for an upswing in the company’s shares. The future of the media giant remains under the spotlight as it navigates through these critical decisions.

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