Disney fans are rejoicing as it was announced late Sunday night (November 20) that Bob Iger is coming back to serve as CEO of The Walt Disney Company.
The longtime Disney executive stepped down back in February 2020, while Bob Chapek took over as CEO. He then served as Executive Chairman before officially retiring in 2021.
Now, the two Bobs are switching once again, as Chapek has stepped down, just months after it was announced his contract was extended for three more years.
Find out more inside…
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board, shared in a statement. “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.”
She continued, “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 previously served as CEO for 15 years, after taking over from Michael Eisner in 2005. Iger had been with the company since they acquired ABC in 1995, where he worked since 1974.
Iger has agreed to take on the CEO role 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.”
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger shared in a statement. “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.”
While Disney did not give any reasoning for Chapek‘s step-down, there are some reports that The Walt Disney Company’s Q4 earnings were well below what were hoped and that was a key decision. After Iger‘s return was announced, Disney stocks went up 9% after previously losing about 36%, according to CNN.
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