Disney CEO Bob Iger has said he will step down in two years.

The media mogul said Thursday that Disney CEO Bob Iger’s second term as House of Mouse boss will only last two years.

Iger, who rocked the business world by returning last November to head an entertainment and media empire, said a two-year window was stipulated in his contract.

“Well, I’m planning on staying here for two years, that’s what my contract says, that’s my agreement with the board, and that’s my preference,” Iger told CNBC on Thursday.

Iger, 71, said one of his main tasks upon his return to Disney will be to help the board of directors “thrive on succession” – something that failed the last time he handed over the reins.

Eiger personally selected Čapek as his successor before stepping into decline after 15 years in charge of the company in 2020. Republican Governor and State Legislature on Don’t Say Gay Act.

Eiger’s first few months were difficult. He had to fend off a proxy fight from activist investor Nelson Peltz over the company’s $71 billion acquisition of 21st Century Fox, as well as the unsuccessful Mouse House succession plan.

But Iger’s plan to cut 7,000 jobs as part of a $5.5 billion savings effort reassured Peltz. The head of Trian Fund Management, which owns about 9.4 million Disney shares worth about $900 million, said he was ending the fiduciary battle.

“Now Disney plans to do whatever we wanted them to do,” Peltz told CNBC on Thursday.

“We wish all the best to Bob [Iger]it’s management and the board of directors,” Peltz said.

“We will be watching. We will get sick.”

Peltz added: “The battle for proxies is over.”

Disney shares rose about 3% after the first bell on Wall Street on Thursday.

Investors were spooked by a $1.1 billion loss suffered by Disney’s streaming division in the fourth quarter of last year.

Iger told CNBC on Thursday that one of his top priorities is to make Disney’s streaming division profitable. He said that streaming is “the future”.

Iger outlined the cost-cutting plan to investors on Wednesday during the company’s fiscal first quarter earnings announcement, in which Disney outperformed analyst estimates.

The company reported adjusted earnings per share of 99 cents, higher than analysts’ average estimate of 78 cents, according to Refinitiv data.

Net income was $1.279 billion, below analysts’ estimates of $1.429 billion. Revenue reached $23.512 billion, beating Wall Street estimates of $23.4 billion.

Additional report by Alexandra Steigrad