In a move to tackle mounting pressure from various fronts, Bob Iger has enlisted the help of former top Disney executives Tom Staggs and Kevin Mayer as consultants for the media giant’s strategic planning. Their primary focus will be on ESPN, but given their extensive experience both within and outside of Disney, it’s likely they will provide insights across other areas of the company. Staggs and Mayer currently serve as co-CEOs of Candle Media, a company they founded in 2021 with support from the Blackstone Group.
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A spokesperson for Candle declined to comment on the matter, while a representative from Disney was not immediately available for comment.
The recent developments come after Iger’s revealing interview with CNBC, where he suggested that linear television may not be a core aspect of Disney’s business. He mentioned that Disney is exploring various strategic options for linear TV, including ESPN, but emphasized that sports remains a significant part of the TV landscape. Disney has recently positioned ESPN as its own corporate division and plans to introduce a direct-to-consumer ESPN streaming service in the future.
Both Staggs and Mayer had successful tenures at Disney. Staggs, who held positions such as chief financial officer, chief operating officer, and head of parks, was once seen as a potential successor to Iger. However, he ultimately left the company in 2016 after being passed over for the top job. Mayer, on the other hand, rose from a strategic planning role to lead Disney’s direct-to-consumer and international operations, overseeing the launch of Disney+. Despite being considered a frontrunner for CEO, Iger surprised Wall Street and Hollywood by naming Bob Chapek as his successor in 2020. Mayer later became the CEO of TikTok but left amid legal challenges from the Trump administration.
Staggs and Mayer, who are longtime friends and colleagues, founded Candle Media and have rapidly built an impressive content portfolio, including Hello Sunshine and Moonbug.
Disney’s stock is performing well, with a 3.10% increase in late morning trading, outpacing the broader market. While Iger recently extended his contract, he still needs to appoint a successor as CEO and a CFO following the sudden departure of Christine McCarthy. Staggs and Mayer’s names have frequently been mentioned on Wall Street as potential replacements for Chapek, whose leadership has faced challenges. However, it remains uncertain whether their advisory roles could lead to broader positions within the company.
Puck was the first to report the news of Staggs and Mayer joining as consultants.
Stay tuned for more updates on this developing story.
