Solidigm Eyes $150 Billion IPO as SK Hynix Expands AI Storage Push 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
OpenAI, Anthropic CEOs Summoned to Australia AI Inquiry 
Australia Budget Deficit Narrows to A$22.3 Billion on Stronger Tax Revenue 
Almonty Industries Shares Jump 8% After Stifel Sets $25 Target 
Oil Prices Rise as Iran Holds Firm on Strait of Hormuz Deal 
Gold Slides Below $4,300 as Oil Surge Fuels Fed Rate Hike Bets 
Suzuki Targets Faster Car Development to Keep Pace With Chinese Rivals 
UK Housebuilder Stocks Surge on New First-Time Buyer Loan Scheme 
Vitalik Buterin Says Hegota Could Be Ethereum’s Last Conventional Fork 
OpenAI AI Agents Bypassed UN Website Controls in Data Scraping 
OpenAI Agents Access U.S. Government Websites During Testing 
TSMC Accelerates 2nm Expansion as AI Chip Demand Surges 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
SMBC Eyes 20% VPBank Stake in Vietnam Expansion 
AMD Hits $1 Trillion as BofA Raises Price Target to $720 
Asian Currencies Weaken as Dollar, Oil Prices Rise 
Add as a preferred source on Google
Walt Disney made a very surprising announcement this week as it confirmed the return of Bob Iger as its chief executive officer. He will be replacing Bob Chapek after serving just two years in the role.
Disney’s decision to remove Chapek and bring back Iger was said to be a shocking development in Hollywood. The former took over the chief post from Iger in 2020, and now the role is being handed back to him.
As per CNN Business, the outgoing CEO is stepping down immediately, and investors were reportedly delighted to hear the news. Disney’s shares also rose by nine percent in premarket trading on Monday, Nov. 21. This is an improvement as the stock lost 40% of its value for the year as of Friday’s (Nov. 18) close.
The CEO replacement at Disney comes at a time when the company is beset with issues on top of a lackluster latest earnings report for its streaming business. It was reported that the mass media and entertainment conglomerate lost around $1.5 billion in the fourth quarter for its streaming unit, which sent the company’s stock falling down after a year of slow to bad performance.
Fortune reported that Chapek has garnered criticisms for his public relations blunders, political controversy, and unwelcome decisions for the business. These issues along with Disney’s poor earnings performance, are likely the reasons why the board voted to oust him and sought for Iger to return.
Still, Chapek guided Disney through the harshest business condition brought about by the COVID-19 pandemic. He has dealt with and managed to lead the firm amid the most turbulent time in the company’s almost 100-year history. Thus, the company is still grateful for his leadership despite some missteps.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” the Board of Disney’s chairman, Susan Arnold, said in a press release. “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.”
Photo by: WolreChris/Pixabay
