Disney extends CEO Iger's contract until the end of 2026

Disney announced Wednesday that it extended Bob Iger's contract through December 31, 2026, giving the long-running chief executive two more years to lead the entertainment giant.

Disney Chair Mark Parker said Iger -- who returned to the corner office in November 2022 -- had "once again set Disney on the right strategic path" and that the extra time would "allow ample time to position a new CEO for long-term success."

Iger, 72, won raves for his original tenure atop the California company from 2005 to 2020 before handing the reins to hand-picked successor Bob Chapek.

But Chapek suffered a number of stumbles as CEO, resulting in an abrupt shakeup late last year.

Under Iger's leadership, Disney acquired Pixar, Marvel, Lucasfilm and 21st Century Fox. It also opened its first theme park in China -- the Shanghai Disney Resort -- and launched the Disney+ and ESPN+ streaming services.

The extension comes amid intensifying pressures in the video streaming business. Disney's service, Disney Plus, has seen subscriptions fall for the last two quarters.

Other challenges include a protracted writers' strike in Hollywood that has halted major Disney productions.

The company has also been embroiled in a messy spat with Florida Governor and Republican presidential candidate Ron DeSantis. In May, Disney canceled plans for a new employee campus in central Florida amid the fight, which stems from Disney's criticism of a DeSantis-backed law banning school lessons on sexual orientation and gender identity.