Heir Ap­par­ent to Dis­ney’s CEO Will Step Down

The Economic Times - - Around The World -

Los An­ge­les: Tom Staggs, the veteran Walt Dis­ney Co ex­ec­u­tive who had been widely seen as the me­dia com­pany’s next CEO, will step down on May 6, Dis­ney said on Mon­day. The un­ex­pected move came lit­tle more than a year af­ter Staggs had been promoted to chief op­er­at­ing of­fi­cer, and about two years be­fore Bob Iger, Dis­ney’s chief ex­ec­u­tive and chair­man, is due to re­tire. A source said Staggs, 55, had learnt he was not guar­an­teed the CEO job and that the board was go­ing to broaden its search for a new leader. Staggs and the com­pany mu­tu­ally de­cided he should step down, said the source, who re­quested anonymity. Iger has led Dis­ney to record prof­its and ex­e­cuted suc­cess­ful ac­qui­si­tions of Pixar, Mar­vel En­ter­tain­ment and “Star Wars” pro­ducer Lu­cas­film Ltd. But he re­cently ac­knowl­edged sub­scriber de­clines at Dis­ney’s sports net­work ESPN. Reuters

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