Walt Disney Co (NYSE:DIS) CEO Bob Iger has confirmed his departure from the company would happen within the next three years. Additionally, he assured that the ABC broadcast network is not up for sale.

What Happened: As reported by Reuters on Wednesday, Iger stated he would “definitely” step down from his position when his contract expires in 2026. He made the announcement during an interview at the New York Times Dealbook Conference.

Iger, who stepped back into the role of Disney’s CEO a year ago, also confirmed that the ABC broadcast network was not on the market, despite the changing viewer trends from linear television to streaming.

The CEO also disclosed that Disney’s board is currently conducting a “robust” search for his successor. Following his announcement, the board appointed Morgan Stanley‘s CEO James P. Gorman and former Sky Group CEO Jeremy Darroch as new directors, effective from early next year.

See Also: How To Buy Disney (DIS) Stock

Under Iger’s leadership, Disney has seen substantial restructuring, making the company more cost-effective and set to surpass the pledged $5 billion in cost savings to investors.

Why It Matters: Iger’s tenure as Disney’s CEO has seen the company navigate several challenges, including underperforming box office releases and a significant dip in share prices to a nine-year low. His forthcoming departure raises questions about the future leadership and strategic direction of Disney.

Iger’s announcement came at the New York Times DealBook Forum, an event that also featured Tesla CEO and X owner Elon Musk addressing recent controversies.

Price Action: Shares in Disney closed flat at $92.50 after Iger’s announcement, but dipped marginally in after-hours trading, according to data from Benzinga Pro.

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