A shocking announcement today from the Walt Disney Company as Thomas Staggs announced his unexpected departure from the company. Now there is a succession problem for the top job at the company as Bob Iger nears the end of his contract with the company. 

It was expected that Staggs would succeed Bob Iger in the role of CEO, after beating out James A. Rasulo for the No. 2 spot in the company. Rasulo subsequently left the company last year after he was not chosen for the COO position at the company. The departure throws a wrench in the plans and leaves the entertainment company in disarray when it comes to choosing its new leader. 

Staggs will remain with the company until May 6th when he will step down from his role as COO, he will remain an employee until the fall serving as a special adviser to Iger. Early indications point to the fact that the board would not guarantee his eventual promotion to CEO. The company says that the board will “broaden the scope of its succession planning process to identify and evaluate a robust slate of candidates for consideration”.