It looks like one-time and future CEO Bob Iger has won the Disney War.
In a surprise change on Sunday night, The Walt Disney Company said Iger had been reappointed as CEO, “effective immediately.” The move dethroned Iger’s former successor, Bob Chapek, who was appointed to the top job in February 2020 and just signed a new multi-year contract in June.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through the years,” said Board Chair Susan Arnold in a statement. through this critical period.
In an email to Disney employees, according to hollywood reporterIger said he came back with, “I have to admit, it was a bit of a surprise.”
The transformation comes after a disappointing fiscal quarter for the entertainment giant — leading to what CNBC host Jim Cramer called on Friday a “balance sheet from hell” “. The company’s stock hit a 52-week low on Nov CNBC.
Chapek, 62, has also made some mistakes while leading the House of Rats. His Initial Silence on Florida’s “Don’t Say Gay” Bill led to his outraged employees organizing a strike; After he denounced it, Governor Ron DeSantis and other Republican lawmakers declared war on “waking up” Disney.
Furthermore, by throwing his weight at the construction of Disney’s streaming services, Chapek infamously angered Scarlett Johansson. The actress sued (and later settled with) Disney after claiming Black WidowHer concurrent release schedule was in breach of contract.
“The problem in Hollywood is that you can behave badly, you can be rude, you can do silly things, but what you can’t do is take advantage of other people’s money,” said one business producer. at Disney said. hollywood reporter last October. “You just don’t do it and hiding behind the technology is why.”
According to CNBC journalist David Faber, who has expressed doubts about Chapek’s tenure. tweeted on Sunday that Chapek was ousted amid “rising tensions between senior management at the company.”
For comparison, 71-year-old Iger, often considered a beloved Disney icon, is known for effectively running for the first time as CEO from 2005 to 2020, during which time There, he turned the company into an IP raider known to the audience. like today. The fact that he is seen by many as a professional talent is exemplified by Josh Gad’s overjoyed reaction to Sunday’s news, with frozen and Beauty and the Beast actor tweets, “I don’t think I’ve ever been so happy. Welcome home @RobertIger- GOAT is back!!!!”
In announcing his return, Iger diplomatically ignored the mention of Chapek, saying instead: “I am deeply honored to have been asked to lead this remarkable team once and for all. more, with a clear mission to focus on creative excellence to inspire generations through bold, unparalleled storytelling. .”
While it appeared that Iger had allowed Chapek, his protege, to take power peacefully in 2020, it wasn’t long before the deals reeked of hatred and a series of salivating stories about The “palpable” tension between two men in the same room quickly followed.
Iger’s choice to stay on as executive chairman through the end of 2021 instead of backing off completely the usual path is also an early sign of trouble in the C-suite. At moment later New York Times published April 2020 The story quotes Iger as suggesting that he will be stuck with “positive“Shepherd Chapek through the worst of the coronavirus pandemic, Bobs stopped talking altogether, according to CNBC.
However, Iger’s return is not a joy forever, as the Disney board made clear in the statement on Sunday. Instead, he “agreed to serve as CEO of Disney for two years,” during which time he will work closely with the board members to prepare the new heir. You know, because it went so well last time.
