Bob Iger Returns as Disney CEO in Dramatic Reshuffle
Bob Iger returns as Disney CEO in a shock management shake-up, with current CEO Bob Chapek stepping down, the company announced in a press release. Iger is expected to return temporarily for two years, with a mandate to "resume growth" and to find and prepare his successor. Iger said he returned "with an incredible sense of gratitude and humility - and, I have to admit, a bit of amazement."
"We thank Bob Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic," said Disney President, Susan Arnold, in a statement. "The Board of Directors has concluded that as Disney enters an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal time."
Iger chose Chapek to follow him as CEO, but a clash in their styles quickly became apparent. Iger was known as a talent and creativity-friendly CEO, while Chapek focused on streaming, especially when the pandemic decimated Disney's theme parks and theatrical distribution businesses.
Under Chapek, however, Disney initially did not react to Florida's "Don't Say Gay" bill and criticized Black Widow star Scarlett Johansson for her lawsuit involving streaming against theatrical distribution. And during a retreat from Disney, Iger reportedly urged the company not to rely too heavily on data to make decisions — seen by some as a dig at Chapek, according to The Hollywood Reporter.< /p>
Under Chapek, Disney+ grew to 235 million subscribers (including ESPN and Hulu), but the company lost $1.5 billion in streaming last quarter. Its market capitalization also grew from $257.6 billion in Iger's last full year to $163.5 billion. Much of this drop, however, is pandemic-related, as Disney theaters and parks have been forced to close.
The decision comes as a surprise given that Disney had renewed Bob Chapek's contract for three years (no comments from Chapel were available in the press release). Iger, meanwhile, has near-legendary status at Disney's CEO, having presided over acquisitions of Pixar, Marvel, Lucasfilm and 20th Century Fox. That legacy will be tested, however, as Disney faces tough times — the company recently announced plans to freeze hiring and said layoffs are likely to happen soon.
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Bob Iger returns as Disney CEO in a shock management shake-up, with current CEO Bob Chapek stepping down, the company announced in a press release. Iger is expected to return temporarily for two years, with a mandate to "resume growth" and to find and prepare his successor. Iger said he returned "with an incredible sense of gratitude and humility - and, I have to admit, a bit of amazement."
"We thank Bob Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic," said Disney President, Susan Arnold, in a statement. "The Board of Directors has concluded that as Disney enters an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal time."
Iger chose Chapek to follow him as CEO, but a clash in their styles quickly became apparent. Iger was known as a talent and creativity-friendly CEO, while Chapek focused on streaming, especially when the pandemic decimated Disney's theme parks and theatrical distribution businesses.
Under Chapek, however, Disney initially did not react to Florida's "Don't Say Gay" bill and criticized Black Widow star Scarlett Johansson for her lawsuit involving streaming against theatrical distribution. And during a retreat from Disney, Iger reportedly urged the company not to rely too heavily on data to make decisions — seen by some as a dig at Chapek, according to The Hollywood Reporter.< /p>
Under Chapek, Disney+ grew to 235 million subscribers (including ESPN and Hulu), but the company lost $1.5 billion in streaming last quarter. Its market capitalization also grew from $257.6 billion in Iger's last full year to $163.5 billion. Much of this drop, however, is pandemic-related, as Disney theaters and parks have been forced to close.
The decision comes as a surprise given that Disney had renewed Bob Chapek's contract for three years (no comments from Chapel were available in the press release). Iger, meanwhile, has near-legendary status at Disney's CEO, having presided over acquisitions of Pixar, Marvel, Lucasfilm and 20th Century Fox. That legacy will be tested, however, as Disney faces tough times — the company recently announced plans to freeze hiring and said layoffs are likely to happen soon.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission. All prices correct at time of publication.
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