Disney CEO Bob Iger said Tuesday he will retire in 2021 after 10 years as the world’s largest movie studio.
Iger’s retirement announcement comes two days after The New York Times reported that Disney had lost more than $3 billion on film ventures since the start of 2016, and that Disney was on track to lose $15 billion in the current fiscal year.
Disney did not comment on the Times report.
Iger, who has been Disney’s CEO since 2015, is not the first person to retire in the wake of a blockbuster hit.
In 2006, Warner Bros. CEO James Cameron, who oversaw the release of Avatar, announced his retirement from the company amid a $2 billion restructuring and a slump in box office revenue.
In an interview with CNBC on Tuesday, Iger denied that Disney’s films have been losing money.
“Disney is doing well.
We are a big, big company.
But the truth is that in this business, you have to look at the whole picture,” Iger told CNBC’s “Squawk Box.”
“In this industry, you’re always looking at the big picture and you have a lot of investments that you’re making.”
The New York Post reported that Iger and Disney are on track for a $3.3 billion profit for 2021, a $6 billion increase over 2016.