It’s safe to say Iger is the better Bob, at least for Disney.
Disney has fired CEO Bob Chapek and announced the return of former CEO Bob Iger. According to a statement from the company, the shift took effect immediately.
“We thank Bob Chapek for his service to Disney over his long career,” the chair of Disney’s board, Susan Arnold, says.
Chapek was Disney’s CEO for two years. His term concerned Wall Street about the company’s rising expenses. This year, Disney’s stock dropped 41%.
Iger served as CEO of Disney for 15 years prior. He increased the company’s market capitalization fivefold during that time. And according to his statement, Iger is set to return as CEO for at least two years.
Disney acquired Pixar, Marvel, Lucasfilm, and 21st Century Fox under Iger’s leadership. It also opened its first theme park in China, the Shanghai Disney Resort, and launched the streaming services Disney+ and ESPN+.
Iger appointed Chapek as his replacement in 2020, but the two later weren’t on good terms.
Chapek’s handling of the “Don’t Say Gay” law in Florida, where the Walt Disney theme park is located, irritated some Disney employees. Congress passed the law, which prohibits public school teachers from teaching about sexual orientation or gender identity, earlier this year.
Regardless of what happened, Iger is happy to be back on his rightful throne.
“I am deeply honored to lead this remarkable team again…through unrivaled, bold storytelling,” Iger says.
Moving forward, we hope to see Disney make better company decisions under its new leadership.
Banner Image Dani Sison