Disney: Bob Iger returns as CEO, replacing Bob Chapek

In early 2020, former Disney CEO Bob Iger surprisingly resigned. His post was taken over by his successor Bob Chapek, who promptly had to deal with a number of problems. Chapek had to lead the company through the corona pandemic. Add to that the Black Widow lawsuit with Scarlett Johansson, and Disney’s reluctance to respond to Florida’s “Don’t Say Gay” law, both of which dealt a blow to the company’s reputation. Now Chapek has been replaced and Bob Iger is once again in the helm.

Iger is to lead Disney for two years

Bob Iger, who is also the company’s largest shareholder, is set to begin a new two-year term as CEO. Part of his job will be to select and train a new long-term successor. Chapek was also previously chosen by Iger and was credited as “Tim Cook to Iger’s Steve Jobs”.

The leadership change comes nearly two weeks after Disney announced its fourth-quarter 2022 results. The company had to report that both the parking and the media division could not reach the estimates of the analysts. Disney’s streaming business has grown as more subscribers in other markets opt for a bundle that combines Disney Plus, Hulu, and ESPN Plus. However, the streaming costs have also increased. An ad-supported streaming offer for Disney Plus will be launched on December 8th. There are also rumors of imminent layoffs.

“We thank Bob Chapek for his service to Disney throughout his long career, including leading the company through the unprecedented challenges of the pandemic,” the company said in a statement. “The Board has determined that at an increasingly complex time of industry transformation, Bob Iger is well placed to lead the Company through this pivotal phase.”

Source: The Verge