Bob Iger, who served as the CEO of the American global mass media and entertainment conglomerate, The Walt Disney Company, for almost 15 years made a shock return to the firm after he stepped down from his position as the Executive Chairman and left the company in 2021.
It’s only been less than a year since his retirement, but the company brought Iger back, replacing Bob Chapek. Sources claim that Iger was brought back to guide the company through the financial crisis that had resulted in a declined share price and also the loss that the company faces from its online streaming platform, Disney+.
According to different sources, there had been a message from Bob Iger to the employees of the company in which he stated that his intention for the company is to restructure things that honor and respect creativity as the heart and soul of who they were.
He also added that, according to his beliefs, it was storytelling that fueled the company and that it should be the center of how they organized the business at Disney.
The re-joining of Iger resulted in the exit of Kareem Daniel who was the head of the company’s Media and Entertainment Distribution division. Kareem was also a close associate of the former CEO Bob Chapek. The division was formed by Chapek during his first year as the chief executive.
As per the available reports, the plans of Iger’s re-structure will mainly focus on bringing down some of the initiatives put in place by the former CEO Bob Chapek.
Many sources claim that Bob Chapek was replaced owing to the weak performance he delivered during the quarterly earning call in early November 2022. The reports also mention that the then-CEO also proposed plans such as layoffs and a hiring freeze, which raised alarming signs internally.
There had been a few instances before, where the approach of Bob Chapek toward different issues had turned out to have a negative impact on the company.
The conflict between actress Scarlett Johansson and Chapek regarding the release of the movie ‘Black Widow’ resulted in Johansson suing the company over breach of contract, which resulted in the loss of a huge sum of money for the company in terms of the settlement.
He also found himself in trouble regarding the response of the company over the controversial issue of ‘Don’t Say Gay’ bill in Florida. Adding to the case of weak performance, the removal of Chapek, even after the recent renewal of his contract, was a sudden decision.
Bob Iger, who was the Chairman of the company until 2021, had been brought back as the CEO, and he will hold the position for almost two years.
The company now counts on Iger to find a perfect solution to the financial troubles and also to find a new, eligible successor for him, who will be able to contribute to the growth of the company, just like he did.
It was during Iger’s time as the CEO, that Disney made some groundbreaking decisions and acquisitions which enormously helped in the growth of the company.
It was under the leadership of Bob Iger that Disney launched their over-the-top streaming service Disney+. The major acquisitions made by Disney like the Pixar animation studio, the home of Star Wars – Lucasfilm, comic book company Marvel, and also Rupert Murdoch’s 21st Century Fox were driven by the then-CEO Bob Iger.
After the announcement of Bob Iger’s reinstatement as the CEO, Disney shared in New York has increased more than 6%. In his response to the invitation to be the CEO, Iger replied that he was extremely optimistic about the future of the company and that he was really thrilled to be asked to take up the position by the Board.
With his intimate knowledge about the working of the company and the experience of serving as the CEO for over 15 years, it is to be inferred that the company will make strong decisions on its way forward and hopefully will emerge stronger.
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