Disney vets return to rescue TV ops
Disney CEO Bob Iger has tapped two former executives who were once viewed as his potential successors to help right the struggling company, according to a report.
The executives, Kevin Mayer and Tom Staggs, have been brought on board to advise Iger on how to steer the company’s legacy television businesses, including ABC and the sports network ESPN, Puck News reported Monday.
The move comes just weeks after the Mouse House’s board extended Iger’s contract another two years, reigniting chatter over the succession planning process at the Burbank, Calif.-based company.
According to the Financial Times, in addition to advising Iger, Mayer and Staggs will work with ESPN President Jimmy Pitaro
to “examine strategic options for the sports channel.”
Disney did not respond to requests for comment.
Bringing back Mayer and Staggs is another interesting development for the Mouse House, which is dealing with figuring out what to do with its struggling TV assets.
It also comes after another big-budget film, “Haunted Mansion,” bombed, giving Disney its lowest opening weekend for a movie adapted from a theme-park attraction in two decades, drawing about $24 million.
Despite being well-liked by Wall Street, Staggs and Mayer were both passed over by Iger to succeed him when he chose Bob Chapek in 2020.
During his tenure at Disney, Staggs held a slew of roles, including chief financial officer, chief operating officer and head of theme parks. He left the company in 2016.
Meanwhile, Mayer, who worked closely with Iger on a host of acquisitions, was a key architect in building Disney’s streaming strategy, including streamer Disney+. Mayer was in a foot race with theme parks boss Chapek for Iger’s job.
Chapek ultimately won and Mayer exited Disney. Chapek’s two-year tenure was marred by issues related to the pandemic, as well as the new boss’ own missteps — which caused the board to bring back Iger for a two-year stint.
Mayer and Staggs went on to form Candle Media, an investment firm that acquired Reese Witherspoon’s production company Hello Sunshine for $900 million and kids entertainment company Moonbug for nearly $3 billion.