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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
