Disney Brings Back Ex-CEO Bob Iger to Strategy

burbank, california – The Walt Disney Company stunned the entertainment industry by appointing former CEO Bob Iger as president for two years and sacking his successor Bob Chapek.

Chapek is leaving after the company posted lower-than-expected earnings last quarter. While his community of Hollywood creatives complained about Chapek’s cost-cutting measures and blunt approach to talent, theme park patrons were unhappy with the price increases.

Now back to the Eiger.

“As Disney embarks on an increasingly complex period of industry transformation, the Board concludes that Bob Iger is uniquely positioned to lead the company through this critical period,” said Disney Chairman Susan Arnold in a statement. attached.

Arnold thanked Čapek for leading the company through the pandemic, enthused by Iger’s prestige within the company, which he led for 15 years before he was dismissed in early 2020.

Iger said he has “deep respect for Disney’s senior management team,” adding that he is “extremely respected by Disney employees around the world.”

“The company’s strong content pipeline is a testament to his leadership and vision,” the company said in a statement.

In a statement, Iger said he was “very optimistic” about Disney’s future and “thrilled” to return.

Iger, 71, said, “I am extremely humbled to be asked to once again lead this incredible team with a clear mission focused on creative excellence to inspire generations through unparalleled and daring storytelling. I am honored to

He succeeded Michael Eisner as CEO in 2005, and the former TV weatherman has built a strong relationship with Wall Street through bold acquisitions and a public showing of respect for the creative community and the company’s history. captivated Hollywood.

During his 15 years at the helm, Disney went on to create Pixar, Lucasfilm, Marvel, Fox’s entertainment business, Then it launched the Disney+ streaming service.

After Chapek became CEO in 2020, Iger will serve as chairman until 2021.

Chapek resigns after what has been a tough year for Disney. faced criticism for failing to void the bill. The bill sparked an altercation between Disney and Republican Governor Ron DeSantis.

He’s also been criticized for an unusual public confrontation between the studio and Hollywood’s top stars in a lawsuit filed by Scarlett Johansson last year over his “Black Widow” pay. The Marvel movie was released simultaneously in theaters and on Disney+ for a $30 rental.

Plans for large-scale job cuts have been reported as the company takes steps to improve profitability.

Disney+ is currently ad-free, but will launch a new tiered service in December for US subscribers. The basic Disney+ service, which costs $7.99/month, has ads. Ad-free subscribers should upgrade to the premium service, which starts at $10.99 per month, 38% more than the current price.

Disney has announced that its streaming service has ended the fiscal year with over 235 million subscribers. This surpassed analysts’ expectations of 231.5 million.

Disney’s stock is roughly where it was when Iger stepped down as CEO in early 2020, closing at $91.80 Friday afternoon. That’s about half the amount he peaked at just over $200 a share in March 2021.