There has been a huge shakeup at the top at The Walt Disney Company.
Tom Staggs, the COO of the Company, has announced that he is stepping down after the board failed to assure him that he would succeed Bob Iger as CEO in two years.
Staggs has been with Disney for 26 years and was considered the heir apparent when Iger steps down.
In a statement, the Company’s board said it plans to “broaden the scope of its succession planning.” It appears likely that they will look outside the company for a successor.
Staggs will leave The Walt Disney Company at the end of the fiscal year in September.
He joined Disney when Michael Eisner was CEO and came up through the ranks from the strategic planning department to CFO. He was selected to head the Parks and Resorts division in 2010.
