Walt Disney Co named parks division chief Thomas Staggs as chief operating officer of the media and theme park company, making him the likely successor to Chief Executive Bob Iger whose to retire in three years.
Thomas will assume the role of chief operating officer immediately while continuing to lead the parks and resorts unit until a successor is named, Disney said in a statement.
“Tom is an incredibly experienced, talented and versatile executive who has led parks and resorts during a time of unprecedented growth and expansion, including the construction of Shanghai Disney Resort,” Iger said in a press release. “His proven ability to lead a business as well as his successful tenure as Disney’s former CFO makes him an ideal chief operating officer, expanding his portfolio into all the company’s businesses.”
The 63-year-old Bob, who has led Disney to record profits, recently extended his contract for a second time through June 2018. Staggs and Chief Financial Officer Jay Rasulo have been considered the top candidates to replace Bob.
Thomas, 54, is a 25-year veteran of Disney and previously served as CFO. He became head of the parks division in 2010, when Bob switched the jobs of Jay and Thomas so each could broaden experience.
Disney operates television networks including ABC and ESPN, theme parks on three continents, a movie studio and gaming and consumer products divisions. The company released record profits quarterly results which were blew away all the estimates.