The Walt Disney Company Board of Directors Extends Robert A. Iger’s Contract

 

The Walt Disney Company Board of Directors announced today that it has extended Robert A. Iger’s contract as Chairman and Chief Executive Officer to July 2, 2019.

“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, Independent Lead Director of the Disney Board.

Mr. Smith continued: “Mr. Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the Company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results. During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448%, compared to 144% for the S&P 500, and a dramatic increase in the Company’s market capitalization to $177 billion from $46 billion.”

“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”

Details of the agreement will be included in a Form 8-K filed today.

Since Mr. Iger, 66, became CEO, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006-2017); one of “America’s Most Admired Companies” by Fortune magazine (2009-2017); one of the “World’s Most Respected Companies” by Barron’s (2009-2016); one of the “Best Places to Launch a Career” byBusinessWeek magazine (2006-2010); and as “Company of the Year” by Yahoo Finance (2013).

Disney’s Bob Iger named to Donald Trump’s new President’s Strategic and Policy Forum

article by Daniel Miller, LA Times

Image result for bob iger

Walt Disney Co. Chief Executive Robert Iger has been named to a new policy forum created by President-elect Donald Trump.

The President’s Strategic and Policy Forum includes several business heavyweights, among them JPMorgan Chase & Co. Chief Executive Jamie Dimon, General Motors Chief Executive Mary Barra and IBM Chief Executive Virginia Rometty.

The nonpartisan, 16-person forum will be chaired by Stephen Schwarzman, the chief executive of private equity firm Blackstone. The group will frequently meet with Trump to directly offer its knowledge and perspective to the president, according to a news release issued by Trump’s transition team on Friday.

“My administration is committed to drawing on private sector expertise and cutting the government red tape that is holding back our businesses from hiring, innovating, and expanding right here in America,” Trump said in a statement.

The forum’s first meeting will be held in February at the White House.

“The forum provides a nonpartisan approach to key economic policy issues, reflecting an array of individual perspectives from a cross-section of industries,” Iger said in a statement. “I welcome the chance to be part of the important discussions about the most effective ways to grow jobs and expand economic opportunity in America.”

Iger, a Democrat who supported Hillary Clinton, won’t be the only Hollywood player offering counsel to Trump. His incoming administration will include executives with deep ties to the entertainment industry.

On Nov. 13, Trump picked Stephen K. Bannon as his chief strategist. Bannon worked in Hollywood in the 1990s, helping to finance films including Sean Penn’s “The Indian Runner.” Bannon also was previously the executive chairman of Breitbart News, and both he and that news organization have been vociferously criticized by groups such as the Anti-Defamation League for promoting white nationalism.

And on Wednesday, Trump selected Hollywood financier and Wall Street executive Steven Mnuchin to be the next Treasury secretary. Mnuchin spent 17 years at Goldman Sachs before starting a hedge fund that invests in films. He has cut large financing deals with 20th Century Fox and Warner Bros., leading to his executive producing credits on movies such as the summer hit “Suicide Squad.”

Iger was asked how the Trump administration might affect Burbank-based Disney during a conference call with analysts held two days after the Nov. 8 election.

“I think it’s really too early to speculate about what the changes in Washington are going to mean for our business or for businesses,” he said on the call held to discuss the company’s fiscal fourth quarter earnings.

Iger, however, noted that Disney has made an effort to encourage the federal government to look at tax policy — and has sought the closing of loopholes and also the lowering of the corporate tax rate.

“We are no longer competitive with the rest of the world in that regard and that must be addressed,” he said. “It’s possible that given what’s going on this week that that’s likely to be addressed sooner rather than later.”

He added that it was a “good thing” that the transition of power was off to a “fairly smooth start.”

Iger also said that a bust of Trump was being prepared for the Hall of Presidents attraction at Walt Disney World.

Thomas O. Staggs Named Chief Operating Officer of The Walt Disney Company

February 5, 2015
The Walt Disney Company

New MickeyThomas O. Staggs has been named Chief Operating Officer of The Walt Disney Company, it was announced today by Robert A. Iger, Chairman and Chief Executive Officer.

A 25-year Disney veteran, Mr. Staggs is Chairman, Walt Disney Parks and Resorts, overseeing the strategy, operations and creative development of the company’s iconic travel and leisure businesses. He will assume the role of Chief Operating Officer immediately, while continuing to lead Parks and Resorts until a successor is named. Disney’s senior management team, including all business segment leaders, will report jointly to Mr. Iger and Mr. Staggs, with the exception of the Chief Financial Officer, General Counsel, Chief Communications Officer and Chief Human Resources Officer, who will continue to report directly to Mr. Iger.

“Tom is an incredibly experienced, talented and versatile executive who has led Parks and Resorts during a time of unprecedented growth and expansion, including the construction of Shanghai Disney Resort. His proven ability to lead a business as well as his successful tenure as Disney’s former CFO make him an ideal Chief Operating Officer, expanding his portfolio into all the company’s businesses,” Mr. Iger said.  

“It’s a privilege to step into this role, and I am humbled and honored by the opportunity. I look forward to working more closely with Bob and the talented senior management team across the company to continue to build Disney’s future through unparalleled creativity, innovative technology and global expansion,” Mr. Staggs said.

Since 2010, Mr. Staggs has led Parks and Resorts’ global team of more than 130,000 Cast Members, Crew Members and Imagineers, with the segment delivering record revenue, profit and attendance levels. In addition to overseeing the development of Shanghai Disney Resort, and a new Avatar-themed land at Disney’s Animal Kingdom Park, during Tom’s tenure, Disney has launched two new cruise ships; opened Aulani, a Disney Resort & Spa, in Hawai‘i; added three new lands at Hong Kong Disneyland; doubled the size of Fantasyland at the Magic Kingdom; and completed a multi-year expansion of the Disneyland Resort with the addition of Cars Land and Buena Vista Street at Disney California Adventure Park.

Prior to that, Mr. Staggs served as Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company. He played a critical role in the execution of the acquisitions of Capital Cities/ABC, Pixar Animation Studios and Marvel Entertainment. As CFO for twelve years, he spearheaded the realignment of Disney’s performance goals toward the combination of profit growth and strong long-term capital returns and free cash flow. He has been praised by Wall Street for his financial and communications skills, and was consistently voted the entertainment industry’s No. 1 CFO by Institutional Investor magazine.

Mr. Staggs joined Disney in 1990 as Manager of Strategic Planning and quickly advanced through a series of positions of increased responsibility, leading to his appointment as Chief Financial Officer in 1998. Before joining Disney, he worked in investment banking at Morgan Stanley & Co.

Mr. Staggs earned a bachelor’s degree in business from the University of Minnesota’s Carlson School of Management and an MBA from Stanford Graduate School of Business. 

First Look: Shanghai Disney Resort

“This is also a dynamic and exciting time for our Parks & Resorts – with another very strong performance in Q1 and plenty to look forward to, including the spectacular Shanghai Disney Resort. I was in China the week before last and saw amazing progress — we just topped off our signature Shanghai Disneyland Hotel… and we’re nearing completion on iconic features throughout the park, including the largest castle we’ve ever built… and we’re getting ready to start casting the hundreds of performers we’ll need to entertain our guests. It’s thrilling to see Shanghai Disney Resort rapidly coming to life. The artistry, complexity….the magnitude…and the detail….it’s all quite astonishing. As you’ll recall, after we broke ground on this incredible resort, we announced an $800 million expansion, significantly increasing both the size of the park and the number of attractions available to our guests on opening day. Even with that expansion, we will complete major construction by the end of this calendar year, and we’re planning a spectacular grand opening in Spring of 2016, which we believe is the optimal time to showcase the full grandeur of this world class destination.” – Bob Iger.

As you know, Shanghai Disney Resort is one of the most ambitious projects we’ve ever undertaken at Walt Disney Parks and Resorts, and I know that all of you are as excited as I am to see what’s planned for our first-ever theme park resort in mainland China. Just this week, we unveiled a first look at new creative images of both the reimagined attraction based on the world of Pirates and the new hotels under development.

Shanghai Pirate Ships

Shanghai Disneyland will be home to the first-ever Pirates-themed land-Treasure Cove-and an E-ticket attraction called Pirates of the Caribbean: Battle for the Sunken Treasure. The attraction will feature a combination of new technology and innovation and will take guests on a pirate adventure with Captain Jack Sparrow and Captain Davy Jones, providing an experience unlike anything else in the world.

The resort also released new aerial images of the Shanghai Disneyland Hotel and Toy Story Hotel. The topping out of Shanghai Disneyland Hotel took place just 12 months after its vertical construction started. With 420-rooms, it will be the signature hotel of Shanghai Disney Resort, featuring an elegant Art Nouveau style with a touch of Disney magic and imagination, and stunning views of Shanghai Disneyland, Disneytown and the resort’s central lake.

Shanghai Resorts

The topping out of Shanghai Disneyland Hotel adds to the list of milestones since vertical construction of the resort started 15 months ago, including: the topping out of the resort’s first building in Disneytown in December 2013, the 800-room Toy Story Hotel in January 2014 and most recently Disneyland’s “mountain” feature in December 2014. All of these milestones showcase the progress we are making to share wonderful Disney stories with the people of mainland China.

Stay tuned for more updates on Shanghai Disney Resort!