Bob Iger named Disney CEO in shocking development
In a move that shocked Hollywood, Bob Iger, one of the most notable CEOs in the history of the Walt Disney company, is returning to once again run the media empire.
Bob Chapek, who replaced Iger in 2020 as CEO, is stepping down immediately.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. “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.”
The announcement, while surprising to the media industry, comes at a time of great evolution for Disney. The company is coming off a lackluster earnings report that showed growth for its streaming endeavors. However, that came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That report sent Disney’s stock tumbling after a year of sluggish to bad performance.
Chapek guided the company through the pandemic, one of its most tumultuous periods in its nearly 100-year history, but ultimately Disney decided that its future was in better hands with Iger.
Away from the pandemic, Chapek had a short but bumpy tenure as the head of Disney. Chapek, who served as chairman of Disney Parks, Experiences and Products before taking over for Iger, found himself dealing with issues regarding pay with Scarlett Johansson, one of the company’s biggest stars, as well as Disney’s battles with Florida, and its own employees, regarding the state’s controversial bill restricting certain LGBTQ topics in the classroom.
