Less than a year after his retirement, former Disney CEO Bob Iger is making an unexpected comeback to the company. The media conglomerate has invited him back to help it through these trying times as Disney+ continues to lose money and the share price of the company has plunged.
Bob Chapek, who assumed the role of CEO in February 2020, is replaced by him. It was “crazy,” Mr. Iger, who oversaw the entertainment juggernaut for 15 years, told the New York Times in January.
Bob remarked, “He was CEO for a very long time. “You cannot return home. He has left “He spoke to the paper. Mr. Iger, who served as chairman from 2011 to 2021, has decided to remain in the position for another two years while he searches for a replacement to take over as company president. He is overjoyed to have been asked by the Board to take over as CEO once more and is highly hopeful about the future of this wonderful firm, according to Mr. Iger.
Along with leading the debut of Disney’s streaming service, Disney+, Mr. Iger oversaw significant purchases involving companies like Pixar, Marvel, 21st Century Fox, and Lucasfilm, the company behind Star Wars. These changes, along with the opening of amusement parks.
Iger is “uniquely positioned” to lead Disney through “an increasingly complicated period of industry upheaval,” according to the company’s board chair Susan Arnold.
Even though Disney has invested billions of dollars in Disney+, its stock has dropped more than 40% this year.
Mr. Iger Has Taken Mr. Chapek’s Place Immediately
During Mr. Chapek’s time as Disney’s CEO, its theme parks were closed as a result of Covid regulations. In a statement, Ms. Arnold said, “We thank Bob Chapek for his service to Disney over the course of his long career, including guiding the business through the unprecedented challenges of the pandemic.”
It was announced shortly after Disney+’s loss of roughly $1.5 billion (£1.3 billion) over the three months ending in September was disclosed by the business. Disney’s three streaming services, which include the sports-focused ESPN+ and Hulu, now have more than 235 million subscribers combined. It has surpassed Netflix, which, in comparison, has roughly 223 million customers.
The closure of Disney’s theme parks as a result of Covid happened during Bob Chapek’s time as the company’s CEO. The infamous “Don’t Say Gay” law in Florida and Mr. Chapek’s response to it both came under fire. He expressed regret in March for his “painful silence” on the $ex education bill, which had been criticised for isolating LGBT youth. As a result, he had received criticism from colleagues.
Rise In Stock Market
Shortly after Mr. Chapek made his statement, Florida’s state legislature passed a bill removing Disney from its special tax status, which effectively gave the company control over the area in Orlando where its theme parks are situated.
Additionally, he engaged in a public dispute with actress Scarlett Johansson over the release of the Black Widow movie and Disney’s choice to stream the Marvel superhero movie while it was still playing in theatres. The issue was ultimately resolved, though the terms of the agreement weren’t made public.
The news of Mr. Iger’s comeback was “quite startling,” according to Walter Todd, president and chief investment officer of Greenwood Capital, although he added that investors were probably happy about it. After the announcement was made on Monday morning, Disney stock increased 8% in pre-market trading.