Tom Staggs, Chief Operating Officer of the Walt Disney Company to Resign in May

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The New York Times is reporting that Thomas O. Staggs, the Chief Operating Officer of the Walt Disney Company will step down early next month. Staggs was considered by some as the best internal option to replace Bob Iger as the company's CEO in 2018.

Tom Staggs formerly served as the Chief Financial Officer as well as the Chairman of Walt Disney Parks and Resorts prior to his role as the Chief Operating Officer.

At this time the reason for his departure is unknown, however it is reasonable to assume that he was not likely to be the successor to Bob Iger as CEO.