Bob Iger announced Thursday that he would leave his role as CEO of The Walt Disney Company after two years.
Iger, 71, started his second stretch as Disney's CEO in November and said a two-year stint was part of the deal during a Thursday interview.
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"Well, my plan is to stay here for two years, that's what my contract says, that was my agreement with the board, and that is my preference," he said.
One goal of Iger's is to ensure Disney's board will "succeed at succession," an issue the entertainment titan has had in the past.
.@davidfaber: Why did you come back?@Disney CEO Bob Iger: [Susan Arnold] called me on the Friday before the Sunday that it was announced. Much to my surprise, I was not looking for a job...I had a sense of obligation, and I wanted to help them transform the company.$DIS pic.twitter.com/qe5U8O5HBz
— Squawk on the Street (@SquawkStreet) February 9, 2023
When Iger first left the helm at Disney in 2020, he selected Bob Chapek to replace him.
However, Chapek was removed after a brief reign that saw him fight multiple battles, including one with Florida Republicans over the state's controversial "Don't Say Gay" law.
Since his return, Iger has fended off a proxy battle with Nelson Peltz, an activist investor, relating to Disney's $71 billion acquisition of 21st Century Fox.
Iger wanted to cut 7,000 jobs to save $5.5 billion in costs, which appears to appease Peltz.
"Disney plans to do everything we wanted them to do," according to Peltz. "We wish the very best to Bob, this management team, and the board."
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"We will be watching. We will be rooting ... The proxy fight is over."
In the wake of this placation, Disney shares were reportedly up 3% following Wall Street's opening bell Thursday.