Former Disney executives return as advisers to chief Bob Iger

Disney has hired two former executives who were seen as potential successors to Bob Iger during his first stint as the company’s chief executive, according to people familiar with the situation.

The executives, Kevin Mayer and Tom Staggs, have been brought on to advise Iger on how to deal with the company’s legacy television businesses, including the ESPN sports network. The moves were first reported by the online news site Puck.

The renewal of their Disney ties comes just weeks after the company’s board extended Iger’s contract for another two years, raising questions about the succession planning process at Disney.

Staggs and Mayer were well-liked by Wall Street while they were at Disney but left as their chances of getting the CEO job faded. They now run Candle, a media group they founded together with backing from private equity group Blackstone.

Staggs held numerous roles at Disney, including chief financial officer, chief operating officer and head of theme parks. Mayer worked closely with Iger on a series of acquisitions and was a key architect of Disney’s streaming strategy.

After the launch of Disney+, Mayer was seen as a likely successor to Iger, who then surprised many observers by choosing Bob Chapek to run the company instead.

Chapek was forced out last November after less than three years, prompting Iger’s return for what was said to be a two-year term. But this month, Disney said the board had given Iger a two-year extension and a significant bump in potential bonuses.

Iger delayed his retirement multiple times during his original 15-year tenure as chief. Under the new contract, he will step down in 2026 at the age of 75.

In addition to advising Iger, Mayer and Staggs will work with ESPN president Jimmy Pitaro to examine strategic options for the sports channel.

ESPN was once the profit engine of Disney, but it is declining along with the rest of US cable networks. Iger made ESPN a standalone unit as part of a restructuring and said recently that he would like to find a strategic partner for the group.

Iger has also said that finding his successor is a top priority for the company. The Disney board has appointed a four-person committee for the task, led by Mark Parker, the former Nike chief who took over as chair of the company’s board in April. 

Potential internal candidates for the CEO job are thought to include Dana Walden, co-chair of Disney Entertainment, film chief Alan Bergman and theme parks head Josh D’Amaro.