Disney CEO Robert Iger appeared for an interview on CNBC’s Squawk on the Street Thursday morning after making several big announcements during the first quarter earnings call of 2023, one being the company’s plans to cut operating costs by laying off 7,000 people.
When Iger was asked about his return to Disney, he responded by saying that he felt a sense of obligation to return to the company and that his “…plan is to stay here for two years; that’s what my contract says; that was my agreement with the board, and that is my preference.” He also stated that the shape the company was in when he returned was about what he expected and not a surprise. He went on further to say that he feels two years is ample time to find and train his successor.
“We thought we made the right decision when we chose Bob [Chapek] in 2020. The board decided in November he wasn’t the right person for the job and made a change,” Iger said. He declined the request for further comment on what led to Chapek’s abrupt departure.
Moving on to a discussion about Disney+ and Hulu, Iger called streaming “the future” and stated that “Hulu is a very successful platform” but wouldn’t speculate on whether Disney would be a buyer or seller of the other portion of Hulu.
During the interview, Nelson Peltz called CNBC to share that his proxy war with Disney was over.
