Bob Iger is returning as Disney CEO in a surprising management shakeup, with present CEO Bob Chapek stepping down, the corporate introduced in a press release. Iger is ready to return quickly for 2 years, with a mandate for “renewed growth” and to search out and groom his successor. Iger said he is returning “with an incredible sensor of gratitude and humility — and, I must admit, a bit of amazement.”
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” mentioned Disney chairman Susan Arnold in an announcement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Iger handpicked Chapek to comply with him as CEO, however a conflict of their kinds shortly turned clear. Iger was referred to as a talent- and creative-friendly CEO, whereas Chapek centered on streaming, significantly because the pandemic decimated Disney’s theme park and theatrical distribution companies.
Under Chapek, nonetheless, Disney initially did not react to Florida’s “Don’t Say Gay” invoice and criticized Black Widow star Scarlett Johansson over her lawsuit involving streaming vs. theatrical distribution. And throughout a Disney retreat, Iger reportedly urged the corporate to not rely excessively on information to make choices — seen by some as a dig at Chapek, in accordance with The Hollywood Reporter.
Under Chapek, Disney+ has grown to 235 million subscribers (together with ESPN and Hulu), however the firm lost $1.5 billion on streaming final quarter. Its market capitalization has additionally fallen from $257.6 billion in Iger’s final full yr to $163.5 billion. Much of that fall is pandemic associated, although, as film theaters and Disney’s parks have been pressured to close down.
The transfer comes as a shock contemplating that Disney had renewed Bob Chapek’s contract for 3 years (no remark from Chapel was accessible within the press launch). Iger, in the meantime, has a near-mythical standing at Disney CEO, having presided over the acquisitions of Pixar, Marvel, Lucasfilm and twentieth Century Fox. That legacy can be put to the check, although, as Disney faces difficult instances — the corporate recently announced plans to freeze hiring and mentioned that layoffs are prone to come quickly.
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