The US entertainment industry is in a state of shock after Disney announced, in a surprising turnaround, that Bob Chapek will step down as CEO of the company and Bob Iger, the former CEO responsible for turning the company into a superpower, he will return to the position.
Disney’s board of directors announced the decision Sunday evening (11/20).
“We are grateful to Bob Chapek for his services to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of the board.
“The Board concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal period.”
Iger himself spoke in the statement. “I am extremely optimistic about the future of this great company and excited by the Board’s request to return as CEO,” he said.
“Disney and its unique brands and franchises hold a special place in the hearts of so many people around the world, especially in the hearts of our employees, whose dedication to this company and its mission is inspiring. I am deeply honored to be invited to once again lead this extraordinary team, with a clear mission focused on creative excellence to inspire generations through bold and unparalleled storytelling.”
Iger also sent an email to Disney employees, in which he said he was returning “with an incredible sense of gratitude and humility — and, I have to admit, a little bit of awe.”
Although he returns to lead the conglomerate, the board has made it clear that his new mandate will be short (two years) and with the mission of choosing a successor.
According to the statement, the executive “has agreed to serve as CEO of Disney for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board to develop a successor to lead the company to the end . . of his term,” the board said.
He stepped down as CEO in February 2020, handing the reins over to Chapek, who previously led the company’s theme parks and consumer products division.
Iger was named COO of Disney in 2000, after serving as president of the ABC television network, and became CEO in 2005 after the departure of the controversial Michael Eisner, in a rebellion led by Roy Disney himself. Under his leadership, Disney began buying companies. Betting on the value of the content, the conglomerate has begun an unrivaled growth in its trajectory. Disney acquired Pixar in 2006, Marvel in 2009, Lucasfilm (from “Star Wars”) in 2012 and 21st Century Fox in 2018.
In 2019, Iger culminated his journey with the launch of Disney+, released an autobiography, and announced his plans to retire. With Bob Chapek taking over, he even moved to the position of executive chairman of the board for 11 months.
The executive left the company in December 2021, and in the meantime he was able to see closely the difficulties of Chapek, who has faced majeure forces, such as the pandemic, but also created internal problems, such as a crisis with Marvel due to the release of “Widow Negra” directly streamed, which led Scarlett Johansson to sue the company. The problem was resolved with financial compensation, but this could have been done by prior arrangement.
Furthermore, Chapek was unable to face the dilemma of supporting Florida’s conservative government and pressure from LGBTQIAP+ officials, who rebelled against Disney’s support for the “Don’t Say Gay” law initiative – which bans schools in the state of confronting what the far right calls “gender ideology”. In an attempt to reposition himself, the CEO ended up turning Disney into a “communist” in the eyes of conservatives and the target of economic sanctions.
Last week, Jim Cramer, an economic commentator for the CNBC news network, called for Chapek’s resignation on the company’s quarterly financial statement.
It is not yet clear what was the last straw that prompted the board to decide to replace him, but there were people in the American press who compared Iger’s return to Steve Jobs’ return to Apple, betting on an even more strong of the Disney brand.
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Source: Terra
Amanda Larkin is a celebrity journalist at Gossipify, known for her in-depth interviews and unique perspectives on the entertainment industry. She covers celebrity news and gossip, providing readers with engaging and informative content, and understanding of the inner workings of the industry. She’s respected for keeping readers up to date with the latest trends and providing a fresh perspective on the celebrity world.
