In a job he has held for just 14 months, Tom Staggs will be stepping down as COO of the Walt Disney Company effective May 6, 2016. Stages who has long been said to be Bob Iger's heir to the throne at Disney, unexpectedly is no longer the heir apparent. The news came unexpectedly this afternoon as the two have mutually decided to part ways.
This comes under rumors that over the last year Staggs and the Board of Directors haven't seen eye to eye, especially on the soon to be opened Shanghai Disneyland. It became clear that the Board didn't see that Staggs would be the one to take over Disney in just 2 years. Iger is expected to retire in June of 2018.
Iger said in a statement on the unexpected news, “Tom has been a great friend and trusted colleague for more than 20 years. He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity. I’m proud of what we’ve accomplished together, immensely grateful for the privilege of working with him, and confident that he will be enormously successful in whatever opportunity he chooses.”
Staggs who has been with Disney for 26 years and said in a statement:
“Disney truly stands alone, not only because of the Company’s phenomenal creativity, but also because of the thousands of remarkable people who make it such an extraordinary place. It’s been a privilege to work with them and be inspired by their creativity and commitment. It’s also been a great experience to work with Bob during this dynamic era of unprecedented growth and transformation. I remain grateful for that opportunity, and I’m confident that Disney’s future will be just as exciting as its legendary past.”
The question now remains who will replace Iger in just two years when he steps down as Chairman and CEO of the company. It has been said now that Disney and its Board of Directors will broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates it has for consideration. One said candidate could be Kathleen Kennedy, President of Lucasfilm. Stay tuned as Staggs stepping down was certainly not what anyone expected.
