Late Sunday, Disney announced that former CEO Bob Iger was back as CEO for two years and would take charge of the entertainment company. Bob Chapek has stepped down as the chief executive. In his tenure as CEO Iger had led the company successfully as it added other companies under it as well as was at the helm when its streaming service Disney+ was launched. Bob Chapek faced difficulties with both his staff as well as with Florida’s political establishment, when he was CEO.
On Monday, Disney shares rose by 9 percent at pre-trading. However, the entertainment behemoth has seen an overall decline of 41 percent, this year, after the surprise announcement.
Disney board chair Susan Arnold thanked outgoing CEO Bob Chapek and commented that he had led the company at a time when it had faced “unprecedented challenges of the pandemic.”
She welcomed Bob Iger back to his former position and said he would be able to guide Disney at a period which she described as “increasingly complex.” Iger was in charge for 15 years when companies including Pixar, Lucasfilm, Marvel and Fox Entertainment were acquired by Disney.
CEO Iger sent an email to staff that was seen by various outlets. It said that he was honored to lead his team again and described them as being remarkable as well as creative. He said that their mission would be to focus on “creative excellence” that would inspire generations and this would be done through “unrivaled, bold storytelling.”
Despite handpicking Chapek as his successor, Iger found himself at cross purposes with the decisions made by his mentee. They had agreed on some options and decisions but had also disagreed on others. So, there might be a few major changes at Disney when the much loved former CEO takes over again. The board is expecting a lot from him including training a new successor for Disney in the next two years.
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