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  • 04.04.16

Disney is losing its longtime heir to the throne

In a move that rocked Hollywood, the entertainment giant says that COO Tom Staggs will exit the company on May 6. The presumed successor to CEO Bob Iger, his contract was due to expire at the end of June 2018 though he will stay on as a special advisor for the fiscal year, reports Deadline Hollywood

The departure of Staggs—who was promoted from chairman of Disney’s Parks and Resorts division to COO last year—may be related to the misgivings some board members had about his ability to assume Iger’s role. The New York Times writes:

Over the last year, as Mr. Staggs came under intense scrutiny by Disney’s board, it became clear that at least some board members were not convinced that Mr. Staggs, 55, had the skills required to maintain Disney’s creative momentum, these people said. Mr. Staggs and Disney mutually decided to part ways.

PM