The former head of Disney Bob Iger returns to lead the US entertainment major. At 71, manager Iger who stepped down as CEO a Bob Chapek in 2020 after 15 years in charge and 40 years of work in the company, he was called back to direct The Walt Disney Company with immediate effect. The company announced it, adding that Iger has accepted a two-year assignment with the aim of defining a strategy for "renewed growth". His responsibilities will also include the search for a successor.
Nonetheless, the news took everyone by surprise as it really is Bob Chapek he had been confirmed by the board for another two years at the helm of the group.
"Mr Ger enjoys the deep respect of the management team Disney…and is greatly admired by company employees around the world; all of which will allow for a seamless leadership transition,” he said Susan arnold, president of the company. "As Disney embarks on an increasingly complex cycle of industry transformation, Bob Iger is in a unique position to lead the company through this pivotal period," he added.
The company, founded in 1923, did not communicate the reasons for the departure of Bob Chapek, but certainly at the base there are several decisions that have made him unpopular with shareholders and fans as well as i financial results relating to the last quarter. According to the numbers, analysts' forecasts have not been met either by the media division or by those working on amusement parks. “We thank Bob Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic,” Susan Arnold said in the release.
Disney shares in sharp decline: why Iger is back in place of Chapek
Bob Chapek, a Disney veteran, took the job in early 2020, just as the pandemic started. He had to manage the closure of theme parks and cinemas, but also the expansion of streaming.
The results of this activity have recently appeared mixed. While Disney + continued to gain subscribers in the third quarter - at the end of September it had more than 164 million - le streaming platforms of the Californian group (Disney+, ESPN+ and Hulu) recorded an operating loss of almost 1,5 billion dollars (1,4 billion euros). Shares of Disney fell more than 13% following earnings announcements in early November and are now down more than 40% so far this year.
Chapek's tenure was also marked by a complicated episode in Florida, where the company initially decided not to vote against a law that banned the teaching of subjects related to sexual orientation or gender identity in elementary schools.
Prompted by staff, Chapek became an outspoken critic of the legislation, drawing the ire of conservative Governor Ron DeSantis. In return, DeSantis ended the favorable administrative status Disney World had enjoyed in the state since the XNUMXs. Not to mention the lawsuit filed by Scarlett Johansson,price increase of the parks and Disney+ and the immediate firing of one of its most trusted executives, Peter Rice.
The father of Disney+
Iger is also the majority shareholder of the company. He led the company from 2005 to 2020, and has remained president of the Board of Directors of the group until 2021, had built it into an entertainment empire, amid animation studio acquisitions Pixar in 2006, of the Marvel in 2009 or most of the assets of the former 21st Century Fox group in 2019. He concluded his tenure with the launch ofthe Disney+. During his tenure, the market capitalization of the Disney it has quintupled.
