[Went woke, went broke] Bob Iger returns as child grooming Disney CEO effective immediately, replacing Bob Chapek after a brief, tumultuous tenure

[Leroy N. Soetoro]

https://www.cnbc.com/2022/11/21/bob-iger-named-disney-ceo-effective-
immediately.html

Bob Iger is back.

Disney
, in a shocking late Sunday announcement, said it had re-appointed Iger as
chief executive, effective immediately, after Iger’s handpicked successor
as CEO, Bob Chapek, came under fire for his management of the
entertainment giant.

“It is with an incredible sense of gratitude and humility — and, I must
admit, a bit of amazement — that I write to you this evening with the news
that I am returning to The Walt Disney Company as Chief Executive
Officer,” Iger wrote to employees in an email, which was obtained by CNBC.

The dramatic upheaval comes 11 months after Iger left Disney, and days
after Chapek said he planned to cut costs at the company, which had been
burdened by swelling costs at its streaming service, Disney+. The
company’s earnings release earlier this month vastly underperformed Wall
Street’s expectations. Even its theme park business, which reported a
surge in revenue, delivered less than what analysts had projected.

Iger’s return also comes as legacy media companies contend with a rapidly
shifting landscape, as ad dollars dry up and consumers increasingly cut
off their cable subscriptions in favor of streaming.

Iger will help the company’s board develop a new successor, Disney said in
a release.

Chapek was named chief executive in February 2020, succeeding Iger, who
had previously said he wouldn’t return to the role.

Shares of Disney have fallen about 41% so far this year, as of Friday’s
close. The stock hit a 52-week low Nov. 9.

Iger has signed on to work as CEO for two years, Disney said Sunday, “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.”

The company said Chapek stepped down. Soon after Chapek took over in 2020,
Covid-19 became a pandemic and forced the shutdown of Disney’s theme parks
and prevented it, for a time, from releasing movies in theaters.
Nevertheless, the company’s stock soared in 2021, before crashing down to
earth in recent months.

“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, Disney’s board chair. She will remain in
that role.

Chapek, whose contract as CEO was extended earlier this year, planned a
hiring freeze, cost cuts and layoffs across the company, according to a
memo CNBC obtained earlier this month. The internal memo came three days
after the company’s poor quarterly earnings report.

Iger, who held the CEO role for 15 years at Disney, had favored Chapek as
his successor. The two ultimately had a falling out, and their conflict
cast a shadow over the company’s future. Chapek distanced himself from
Iger with a series of decisions, including his new approach to streaming
prices for Disney+, Hulu and ESPN+.

Iger is a widely respected and liked figure at Disney. He oversaw its
deals to acquire Pixar, Lucasfilm and its “Star Wars” properties, and
Marvel – all of which have become multi-billion-dollar intellectual
property behemoths.

Chapek, meanwhile, angered employees with his initial silence about the
“Don’t Say Gay” law in Florida, where the company’s Walt Disney World
resort is located. Then, he received blowback from Republican politicians,
such as Florida Gov. Ron DeSantis, for opposing it. He also received heat
for his handling of the controversy over Scarlett Johansson’s pay for her
work in the Marvel movie “Black Widow.”

Read Iger’s email to Disney employees here:

Dear Fellow Employees and Cast Members,

It is with an incredible sense of gratitude and humility—and, I must
admit, a bit of amazement—that I write to you this evening with the news
that I am returning to The Walt Disney Company as Chief Executive Officer.

When I look at the creative success of our teams across our Studios,
Disney General Entertainment, ESPN and International, the rapid growth of
our streaming services, the phenomenal reimagining and rebound of our
Parks, the continued great work of ABC News, and so many other
achievements across our businesses, I am in awe of your accomplishments
and I am excited to embark with you on many new endeavors.

I know this company has asked so much of you during the past three years,
and these times certainly remain quite challenging, but as you have heard
me say before, I am an optimist, and if I learned one thing from my years
at Disney, it is that even in the face of uncertainty—perhaps especially
in the face of uncertainty—our employees and Cast Members achieve the
impossible.

You will be hearing more from me and your leaders tomorrow and in the
weeks ahead. In the meantime, allow me to express my deep gratitude for
all that you do. Disney holds a special place in the hearts of people
around the globe thanks to you, and your dedication to this company and
its mission to bring joy to people through great storytelling is an
inspiration to me every single day.

Bob Iger

Read Disney’s full 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.”


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