Los Angeles

TOM Staggs, the veteran Walt Disney Co executive who had been widely seen as the media company's next CEO, will step down on May 6 as the board expands its search for a successor to Bob Iger, Disney said on Monday.

The unexpected move came little more than a year after Mr Staggs had been promoted to chief operating officer, and about two years before Mr Iger, Disney's chief executive and chairman, is due to retire.