On Sunday evening, The Walt Disney Company announced that Bob Iger, 71, who held the CEO position for 15 years and resigned 11 months ago, will return – effective immediately as Chief Executive Office.
In a press release, Disney stated that Iger has agreed to serve as CEO for the next two years “with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”
“I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and Cast Members achieve the impossible,” Iger said in a memo to employees seen by Reuters.
“Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration,” Iger said. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
Bob Chapek, who took over the reins of the Company in February 2020, recently signed a new multi-year contract. However, after a disastrous Q4 earnings report, in which many people inside Disney, analysts, news outlets, and investors viewed his tone anywhere from “happy-go-lucky” to “tone deaf.”
Immediately after Disney’s earnings report, Mad Money’s Jim Cramer said on CNBC’s Squawk Box, that Chapek should be fired. He went on to say that Chapek was incapable of running a “fantastic company” and that Disney needs “someone new.”
During his nearly three-year tenure, Chapek also angered Disney employees with his initial silence on Florida Governor Ron DeSantis’s “Don’t Say Gay” bill, then incurred the wrath of Republicans when he spoke out against it, including DeSantis revoking Disney’s Reedy Creek Improvement District.
He also got into a dispute with Scarlett Johansson “over the day-and-date streaming release of Black Widow went public. The star filed a lawsuit claiming the studio was sacrificing its box office potential in order to juice Disney+,” reports The Hollywood Reporter.
Another decision that angered Disney fans and employees alike was the announcement regarding the move of Walt Disney Imagineering from California to Florida, the various price increases on park tickets and annual passes (which happens every year), and the introduction of charges for services and features things that used to be free like Disney’s Genie+.
Many fans on social media have been posting that they hope to see some of these actions that Chapek had put in place would be reversed by Iger. However, that seems highly unlikely as many of them were instituted by Iger.
As soon as the announcement was made, The Walt Disney Company leadership page was updated with Iger’s photo and biography.
Read the full announcement here:
The Walt Disney Company (NYSE: DIS) announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at 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 to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” she said.
The position of Chairman of the Board remains unchanged, with Ms. Arnold serving in that capacity.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—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 asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold 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. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.”
It is being reported that the news took many Cast Members by surprise.
