On November 20, 2022 Disney announced that Robert (Bob) Iger was returning to his position as CEO being effective immediately, replacing Bob Chapek. Chapek replaced Iger in 2020 and now it’s Iger replacing Chapek. Don’t you love when the same people replace each other, I find it hilarious. Any ways, Iger was the CEO of Disney from 2005-2020 replacing Michael Eisner. Iger was one of the most successful CEOs of Disney. Iger was the one who acquired Pixar, Marvel, Lucas Films (i.e. Star Wars), 21st Century Fox, and kicked of Disney+. Just last year Iger had officially left Disney after 50 years of being with the company.
Many are probably wondering why Chapek left his leadership position of CEO after not quite two year. The answer is that he ended up drawing the short end of the stick. As everyone knows covid hit in 2020 so right in the beginning of his first year a lot of changes were happening. Theaters weren’t open so they couldn’t have theatrical releases. The park attendance were also much lower and Disney had to keep numbers down because of social distancing. And lets not forget that Disney+ had also launch at the end of 2019. But the thing is even with all these things hitting him, Disney did pretty well in 2021, the big problem was 2022. Chapek focused way too much on Disney+ causing them to lose a quite a bit of money. But despite this Chapek had just renewed his contract back in July and was supposed to be set until 2025. Most likely, the board saw the 3rd quarter statements from 2022 and were not impressed so they thought the best action to take was having Chapek leave and Iger to come back. It didn’t help that he was having some issues around politics and power.
Iger’s coming back was great news to many since just this year alone Disney’s stocks went down 36% but one Iger was announced as the new CEO their stocks went back up 9%. Many believe that Iger will bring Disney out of its Disney+ faze. But there will be many challenges for Iger meet them it could ruin his reputation. Iger got a contract for two years plus many things to accomplish. By the end of 2024 he is expected to have made Disney+ more profitable, navigate the recession, chose a successor, fix brand management, and work with investors, while living up to the expectations of everyone.
Sources:
https://www.cnn.com/2022/11/20/media/disney-bob-iger-ceo
https://www.disneyfoodblog.com/2022/11/21/7-big-challenges-bob-iger-will-face-as-disneys-new-ceo/#
https://www.cnbc.com/2022/11/21/bob-iger-named-disney-ceo-effective-immediately.html
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