Former Disney CEO Bob Iger was brought back after the firm reported 18 percent lower revenue despite operating income staying at $0.1 billion. Here’s more on the happenings.
Disney rehires former CEO, Bob Iger
Walt Disney announced a change in its upper management amidst the failure in revenues. Former Disney CEO, Robert A Iger (Bob Iger) is going to return to the firm and replace Bob Chapek, his successor. The decision was taken after the firm reported an 18 percent decrease in revenues. “We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” stated Susan Arnold. Arnold is the board chairman of the company.
Chapek’s time as the CEO of Disney was a tumultuous time. His confrontational and data-focused approach during the pandemic and global slowdown failed to fit the job role. Additionally, his feud with Disney employees over the ‘don’t say gay’ bill and clash with Scarlet Johansson over the Black Widow contract brought a lot of flack. Additionally, the closure of Disney theme parks added to the injury. This year alone, Disney’s stock fell by about 41 percent.
More on the former CEO
Bob Iger stepped down from his role in 2020 after serving in the role for 15 years. During his time, the firm grew by leaps and bounds, creating a history and a legacy. “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,” added Arnold.
Moreover, Iger is credited with the management of bringing 21st-century Fox, Pixar, Marvel, and Lucasfilm under Disney, granting additional advantage. Unfortunately, since Chapek’s reign, the Marvel Cinematic Universe (MCU), Disney’s premier product has been on a shaky role. However, this is expected to change with Iger re-entering the role. Disney executives are also hoping to see a reversal in the company’s fortunes.
