Shake Up At Disney (NYSE:DIS), Iger’s Successor Ankles

Shake Up At Disney (NYSE:DIS), Iger’s Successor Ankles

$DIS

In an unexpected move that confuses Disney’s plans for succession when Bob Iger steps down as CEO, as Thomas Staggs, 55 anni, promoted to COO just 14 months ago, will ankle the Magic Kingdom next month, the company said Monday.

The move comes as the Disney’s board of directors announces it “will broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates for consideration.”

Some insiders speculated Monday that Mr. Staggs, a well-regarded executive who spent a decade as Disney’s CFO and also ran its parks and resorts division, was not satisfied with the proposition of waiting for the board to make its determination and perhaps being passed over for CEO after Mr. Iger steps aside in June 2018.

Mr. Staggs had been with Disney for 25 years when Mr. Iger made him COO in February 2015, effectively naming him his preferred heir apparent over Jay Rasulo, who had a similar resume given he had been CFO of Disney and also Chairman of its parks of resorts unit.

Mr. Staggs steps down as COO on 6 May, and will remain with the company in the role of special adviser to Mr. Iger until the end of Disney’s fiscal year.

“Tom has been a great friend and trusted colleague for more than 20 years,” Iger said in a statement. “He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity. I’m proud of what we’ve accomplished together, immensely grateful for the privilege of working with him, and confident that he will be enormously successful in whatever opportunity he chooses.”

“Disney truly stands alone, not only because of the company’s phenomenal creativity, but also because of the thousands of remarkable people who make it such an extraordinary place,” said Staggs in a statement. “It’s been a privilege to work with them and be inspired by their creativity and commitment. It’s also been a great experience to work with Bob during this dynamic era of unprecedented growth and transformation. I remain grateful for that opportunity, and I’m confident that Disney’s future will be just as exciting as its legendary past.”

Stay tuned…

HeffX-LTN

Paul Ebeling

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