The board is the reason this is happening. They enthusiastically renewed his contract not out of fear of what he would do, but because they support and direct what he's doing.
And, unpopular opinion here, I don't blame them for it; Bob Iger largely set Disney up for this mess thinking Netflix was going to overtake them in size and market power. Now that such fears look misguided, traditional media is trying to fix the self-inflicted financial damage they caused while their bread-and-butter television and film assets continue to face structural decline, and that will make mass media a more uninhabitable, miserable industry to work for. Iger would've very likely been fired had he not retired.