Bob Iger to Replace Bob Chapek as Disney CEO, Effective Immediately
Somehow, Bob Iger returned to his top position at Disney as CEO. Bob Chapek, who recently re-upped his contract, is out.
According to Deadline, Disney’s board sent out a sudden, surprising message tonight that effective immediately, Bob Iger would be replacing Bob Chapek as CEO of The Walt Disney Company. Iger will spend the next two years as the company’s CEO, with Chapek exiting his role. Iger’s goal during this time is to help with corporate growth, and he is currently not expected to stay on-board past the completion of his new contract, as the press release indicates that during this time, he will be helping to prepare a successor to handle future operations of the company. Susan Arnold, Disney’s Chairman of the Board, said the following about Chapek’s exit and Iger’s shocking reappearance:
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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.”
Bob Iger has issued the following statement about his return to the House of Mouse:
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. 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.”
The corporate switch-up follows reports of growing pains at Disney in the post-COVID-19 landscape, as the stock price has struggled amidst the company’s efforts to become a streaming-driven company. While services like Disney Plus, Hulu, and ESPN Plus have all performed well, the company’s rising debts have been of concern to Wall Street, and Bob Chapek’s leadership has been one wrought with controversy, even though the board unanimously voted to extend his contract for three years prior to this recent shake-up. Bob Iger is well-regarded as an executive, successfully managing to reinvigorate Disney with expansions to the park and multiple successful media acquisitions, including Pixar, Marvel Entertainment, Lucasfilm, and Twentieth Century Studios.
Grant has been a fan of Star Wars for as long as he can remember, having seen every movie on the big screen. When he’s not hard at work with his college studies, he keeps himself busy by reporting on all kinds of Star Wars news for SWNN and general movie news on the sister site, Movie News Net. He served as a frequent commentator on SWNN’s The Resistance Broadcast.
