After less than a year of retirement, Disney has already rehired Bob Iger, the former CEO.
A Deadline report claims that The Walt Disney Company is changing its CEO position. Former chief Bob Iger will step back and current chief Bob Chapek will be fired — a huge move for the House of Mouse.
From Deadline:
The company states that Iger will continue to be the CEO for the next two-years after he has handed the CEO baton to Chapek in February 2020. This was a remarkable move. Iger also served as executive chairman until 2021. He will also need to identify a successor. This is something Iger struggled with while commanding troops last time. It was the final stage in a 47-year career at Disney.
“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,” said board chair Susan Arnold in the official announcement, just a couple of weeks after a rougher-than-expected quarterly earnings report by the company. Disney stock fell to a multiyear low in recent years after it was once considered an overachiever, buoyed by streaming success. Executives warned that there would be weak revenue and profit gains for the next year and that streaming will incur significant expenses. To date, the company’s shares lost 40%.
Iger wrote to employees that had shared the news of his return with an “incredible sense of gratitude, humility–and I must admit, some amazement.”
Below is Disney’s official announcement
Today, the Walt Disney Company (NYSE DIS: DIS), announced that Robert A. Iger will be returning as Chief Executive Officer of Disney. After more than 40 years at Disney, which included 15 years as CEO, Mr. Iger has agreed to be Disney’s CEO for two consecutive years. The Board gave him a mandate to establish the strategic direction for renewed growth, and work closely with them in the selection of a successor. Bob Chapek has retired and Mr. Iger will succeed him.
“We thank Bob Chapek, for his long and distinguished career, which included navigating Disney through the unprecedented challenges presented by the pandemic,” stated Susan Arnold, Chairman of Board. “The Board concluded that Bob Iger, as Disney embarks upon an increasingly complex period industry transformation, is uniquely positioned to lead the Company during this pivotal period em>
“Mr. “Mr.
Ms. Arnold continues to serve as Chairman of the Board.
“I am very optimistic about the future of this company and delighted to have been asked by the Board for my return as its CEO,” Mr. Iger stated. “Disney and its iconic brands and franchises have a special place within the hearts and minds of many people all over the world, but especially among our employees, whose devotion to the company and its mission is inspiring. It is an honor to once again be asked to lead this amazing team. We have a clear mission to create excellence and inspire generations with bold storytelling.
From 2005 to 2020, Mr. Iger was Disney’s CEO for 15 years. His strategic vision focused on international growth, technological innovation, and creative excellence. He continued Disney’s tradition of unsurpassed storytelling through the acquisitions by Pixar, Marvel Lucasfilm, Lucasfilm, and 21st Century Fox. The Company’s market capitalization increased fivefold during his tenure as CEO. Before his departure last December as Executive Chairman, Mr. Iger directed Disney’s creative efforts. The Company’s strong pipeline of content is testament to his vision and leadership.
Read more at Deadline:
Disney Shocker! Bob Iger Back As CEO, Bob Chapek Out https://t.co/KjqMGLfdIv
— Deadline Hollywood (@DEADLINE), November 21, 20,22
