February 8th Will Be A Big Day For Bob Iger’s Legacy
When Disney holds their quarterly earnings call on February 8, all eyes will be on Bob Iger.
The returning CEO only has two years on his contract, but has promised a extensive restructuring of the Walt Disney Company. To do this, he is going to have to hit the ground running.
Photo Credit: ABCNews.go.com
“It’s his opportunity, that, of course, he’s going to take, to set his agenda and his priorities,” says Jessica Reif Ehrlich, BofA Securities analyst
Drawing on Experience
Luckily for Bob Iger, this isn’t his first rodeo. When he first assumed leadership of the Walt Disney Company in 2005, he acted extremely quickly. The former Disney number two, was able to save relationships, and unite the Disney family.
“He made peace with Stanley Gold and Roy Disney, who were a thorn in Michael Eisner’s side. Then, he made peace with Steve Jobs, which was another contentious relationship with Michael, and that eventually led to Disney buying Pixar, which saved their animation, as the whole division had been floundering. He moved ‘Monday Night Football’ from ABC, where it had been for 30 years, to ESPN so they had a dual revenue stream.
And then the last thing he did was move strategic planning from corporate back to the divisions, which, as an outsider, doesn’t seem like a big deal, but it dramatically and quickly increased morale in the company.”
Photo: Disney/Pixar
While Iger’s track record is certainly impressive, he faces a new slew of challenges resulting from a changing entertainment landscape, a global pandemic, and the mistakes of his predecessor. Disney’s board however, believes that he is up for the challenge.
A Plan For Restructure?
Although he has yet to have a stage as big a the upcoming earnings report, Iger has already taken steps to restructure the company.
The CEO’s stated goal has been to return power and creative control back to Disney’s creative teams.
Bob Iger and former Disney CEO Bob Chapek. Photo: Disney
The first step he took in this direction after re-assuming power was to remove Kareem Daniel as chairman of Disney Media and Entertainment Distribution.
“I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses,” Iger wrote in a memo to staff at the time.
Now, all eyes will be on Iger to see what his text steps are. While a new company structure may be on the horizon, the CEO will also have to answer questions surrounding Disney+, the Disney Parks, dividend payments, and of course Nelson Peltz’s proxy battle.
Photo: The Walt Disney Company
Needless to say, February 8 will be a big day for Bob Iger’s legacy, and perhaps, the future of the Walt Disney Company.
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