Bob Iger Returns as Disney CEO Effective Immediately

Bob Iger is back.

Disney reappointed Iger as CEO on Sunday night, effective immediately, after previous CEO Bob Chapek came under fire for his management of the entertainment giant. Chapek was named CEO in February 2020, replacing Iger, who had previously said he would not return to the role.

Disney shares have fallen about 41% year to date as of Friday’s close. The stock hit a 52-week low on November 9.

Iger has committed to serving as CEO for two years, Disney said Sunday, “with the Board’s mandate to set the strategic direction for renewed growth and to work closely with the Board on developing a successor to lead the company.” Company at the completion of its term”.

The company said Chapek resigned. “We are grateful to Bob Chapek for his service to Disney during his long career, including leading the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Disney Chairman of the Board. She will remain in that role.

The dramatic change comes 11 months after Iger left the company and days after Chapek said that planned to reduce costs in the company, which had been hit by rising costs at its streaming service, Disney+. The company’s earnings release earlier this month exceeded Wall Street expectations. Even its theme park business, which reported an increase in revenue, fell below what analysts had projected.

Chapek, whose contract as chief executive was renewed earlier this year, planned a company-wide hiring freeze, cost cuts and layoffs. Iger, who served as chief executive officer for 15 years at Disney, had favored Chapek as his successor. the two finally had a fightand the shadow of their conflict darkens the future of the company.

Iger is a highly respected and beloved figure at Disney. He oversaw their deals to acquire Pixar, Lucasfilm and their “Star Wars” and Marvel properties, all of which have become multibillion-dollar intellectual property giants.

Meanwhile, Chapek angered employees with his initial silence on the “Don’t Say Gay” law in Florida, where the company’s Walt Disney World resort is located. Later, he drew criticism from Republican politicians, such as Florida Gov. Ron DeSantis, for opposing it. He also received criticism for his handling of the Scarlett Johansson payment controversy for “Black Widow.”

Read the full release from Disney here:

The Walt Disney Company (NYSE: DIS) today announced that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades with the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and work closely together. with the Board in developing a successor to lead the Company at the end of his term. Mr. Iger succeeds Bob Chapek, who resigned from him.

“We thank Bob Chapek for his service to Disney during his long career, including leading the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chair of the board. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this crucial period.”

“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as CEO 11 months ago, and is greatly admired by Disney employees around the world. all of which will allow for seamless integration.” leadership transition,” he said.

The position of President of the Board remains unchanged, with Ms. Arnold in that position.

“I am extremely optimistic about the future of this great company and am delighted to be asked by the Board to return as its CEO,” said Mr. Iger. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the world, most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be He was asked to once again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through bold and unmatched storytelling.

“During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth.Extended Disney’s legacy of unprecedented storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and quintupled the company’s market capitalization during his time as CEO Iger continued to lead Disney’s creative efforts until his departure as CEO last December, and The Company’s strong content pipeline is a testament to his leadership and vision.

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