Bob Iger Returning as CEO to The Walt Disney Company, Bob Chapek Steps Down
In a dramatic announcement late this Sunday evening, Bob Iger has just announced that he will be returning as CEO of The Walt Disney Company as Bob Chapek has stepped down from the position.
Photo: Variety
The official statement on this change is as follows:
The Walt Disney Company (NYSE: DIS) announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.
Photo: Alberto E. Rodriguez / Getty Images
During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.
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Also included in the official statement from The Walt Disney Company, Susan Arnold, Chairman of the Board said, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Arnold went on to say, “Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership.”
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Bob Iger added “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
In addition, Bob Iger also sent correspondence to Cast Members letting them know of the changes in top leadership:
Iger’s email to Cast Members: pic.twitter.com/C5PoUiuhlD
— Scott Gustin (@ScottGustin) November 21, 2022
WOW is pretty much all I can say at this time! With Chapek just given a recent three year contract extension this announcement comes as a surprise.
🚨BREAKING NEWS: Bob Iger is returning as CEO of the #WaltDisneyCompany as Bob Chapek steps down from the role! #DIS #BobChapek #BobIger #WaltDisneyWorld #Disneyparks pic.twitter.com/CtKPw5SC42
— MickeyBlog.com (@MickeyBlog_) November 21, 2022
Keep it here with MickeyBlog as we continue to monitoring this breaking news of Bob Iger returning to CEO of the Walt Disney Company as Bob Chapek steps down.
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Image Credit: The Associated Press
Source Credit: The Walt Disney Company
This is a surprise! Chapek has been doing everything that the board has asked for, except do it without killing the stock price. Iger is going to have the same problems.