Disney Shocker! Bob Iger Back As CEO, family market hating Bob Chapek Out

[Went Woke - Going Broke!]

After less than a year in retirement, Bob Iger has returned as the CEO of
the Walt Disney Company.

The board just sent out a notice that Bob I. is back and recently re-upped
Bob Chapek is out. Having handed over the baton as CEO in February 2020 to
Chapek — a stunning move unto itself at the time — and then serving as
executive chairman until the end of 2021, Iger will be CEO for a second
time for the next two years, the company says. Iger had previously been
top dog at the House of Mouse from 2005 for 15 years, the final stage of
what would be a 47-year run at Disney.

“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,” said board chair Susan Arnold in
the official announcement (read it below), just a couple of weeks after a
rougher-than-expected quarterly earnings report by the company. Once a
overachiever buoyed by success in streaming, Disney’s stock has recently
sunk to a multi-year low as executives have warned of weak revenue and
profit gains in the year to come.

Given the considerable turbulence experienced by Disney since Iger left
the corner office, and also given his well-earned reputation for being as
smooth and diplomatic a leader as Chapek could be an awkward and untested
one, Iger was repeatedly asked if he would consider an encore. He always
steadfastly refused, recently citing his new phase as an investor and
industry observer with a lot more time on his hands. At 71 years old,
though, he is certainly not at what is considered automatic retirement age
in a business sector where many CEOs are active into their 80s and beyond.
Rupert Murdoch, coincidentally Disney’s largest shareholder, is 91 and
still chair of Fox Corp. and executive chair of News Corp.

““I don’t miss my job,” Iger declared during a September sit-down at the
Code conference. “Retirement is great, I have a vastly different life than
before. Much more air in my day.”

Chapek joined Disney in 1993, leading the company’s home entertainment and
parks divisions before surprising most in the entire media and
entertainment industry by getting the nod. Kevin Mayer, who had steered
strategic planning and then overseen the company’s streaming efforts and
the launch of Disney+, was seen as a more likely successor than Chapek.

While Chapek managed to keep Disney from disaster during the onset of
Covid in 2020, gradually winning the confidence of investors, he had
rougher sledding in 2022. The company was facing an increasingly expensive
and difficult slog in streaming, though Disney+ continued to be a growth
engine. Apart from the financials, Chapek presided over the messy
situation in Florida involving the company’s efforts to head off the
state’s “Don’t Say Gay” legislation. Gov. Ron DeSantis mocked the company
as “woke Disney,” prompting waves of negative attention from conservative
media, while internally many employees were stung. Workers held walkouts
in many locations to express their feelings about how Disney had handled
the whole affair.

“We were reminded, through the passion of our cast’s reaction, how
important their sentiments are on these issues,” Chapek recalled last
month at a Wall Street Journal conference. The lesson he learned about
navigating thorny political matters? “Stick to your values, to your north
star. Simplify the cacophony of voices out there and do what you think is
right.”

Another misstep, which many in the industry believed would never have
happened on his predecessor’s watch, was publicly clashing with Scarlett
Johansson over the release of Black Widow. The Marvel movie had gone out
through the Premier Access window (a Chapek innovation during the pandemic
that hasn’t been used in more than a year), meaning it was available for a
premium on Disney+ at the same time it hit theaters. The actress sued over
breach of contract, saying the method of release had cost her tens of
millions in back-end payments. Disney hit back hard, calling Johansson’s
suit “especially sad and distressing in its callous disregard for the
horrific and prolonged global effects of the Covid-19 pandemic.”

While the suit was settled a few weeks later, the dustup — and
particularly the sharp-elbowed statement aimed at an A-list star — became
a talking point in the company’s overall dealings with talent.

Read the shocking official announcement here:

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.

“We thank Bob Chapek for his service to Disney over his long career,
including navigating the company through the unprecedented challenges of
the pandemic,” said Susan Arnold, Chairman of the Board. “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.”

“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,” she said.

The position of Chairman of the Board remains unchanged, with Ms. Arnold
serving in that capacity.

“I am extremely optimistic for the future of this great company and
thrilled to be asked by the Board to return as its CEO,” Mr. Iger said.
“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.”

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.

https://deadline.com/2022/11/disney-bob-iger-returns-ceo-bob-chapek-out-
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