No. 2 Disney exec leaving

Staggs was seen as CEO heir apparent

Walt Disney Co. said Tom Staggs is stepping down as chief operating officer, a move that muddies succession plans at the world’s largest entertainment company.

Staggs will remain employed by the company in the role of special adviser to Chief Executive Officer Robert A. Iger through the current fiscal year, Burbank, Calif.-based Disney said Monday in a statement. No reason was given for his departure. Staggs, 55, was widely seen as the likely successor to Iger, whose contract runs through 2018. However Staggs had difficulty convincing some board members he was the right person to take over, according to a person with knowledge of the matter. He and Disney decided to part ways, said the person, who asked not to be identified discussing a personnel matter.

A 26-year Disney veteran, Staggs rose through the ranks in a career that started in strategic planning and now ends in the No. 2 spot. Disney said its board will broaden the scope of the succession planning process to identify a slate of candidates.

“Tom has been a great friend and trusted colleague for more than 20 years,” Iger said in the statement. “He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity.”

Staggs did not respond to a request for comment.

Staggs, who previously led the company’s parks and resorts division, became chief operating officer in February 2015, winning a two-person race for the No. 2 spot with former Chief Financial Officer Jay Rasulo.