Biz media overplays Disney CEO’s departure in 2016

Hal Morris, writing on his GrumpyEditor.com blog, notes that the business press made much to do about the news Friday that Walt Disney Co. CEO Robert Iger plans to step down from the company in 2016, when he turns 65.

Morris writes, “That action in The Wall Street Journal, for example, took up almost have a page under the headline, ‘Disney’s Iger Plans Exit.’

“Actually, the first paragraph of the Oct. 6 news release from the Burbank-based media conglomerate — that includes ABC, ESPN and amusement parks in its family — read, ‘The Walt Disney Company (NYSE: DIS) Board of Directors announced today it has agreed to extend Robert A. Iger’s contract through June 2016 as part of the company’s ongoing succession planning.’

“The Los Angeles Times version was more in line as to the development with the headline, ‘Disney CEO Bob Iger signs new five-year contract.’

“Under the agreement, effective 10 days ago, Iger will assume the role of chairman in addition to chief executive officer following Chairman John E. Pepper’s retirement at Disney’s annual shareholder meeting next March. Until then, Iger will remain president and chief executive officer.

“Iger will hold the positions of chairman and chief executive officer through March 31, 2015, at which time a new chief executive will be named.”

Read more here.