Bob Iger is immediately returning to lead Disney as Chief Executive Officer. 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 after his term. Disney said in a statement that Bob Chapek, who succeeded Iger in 2020, had stepped down from the position.
Statement from Disney:
Disney said in a statement that Bob Chapek, who succeeded Iger in 2020, had stepped down from the position. Disney board chair Susan Arnold thanked Chapek for his leadership during “the unprecedented challenges of the pandemic.”
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented pandemic challenges.” Susan Arnold, chairman of the Disney board, said. “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.”
Iger, 71, led Disney for 15 years as it absorbed Pixar, Lucasfilm, Marvel and Fox’s entertainment businesses. Also, he launched its Disney+ streaming service.
The decision comes just days after Chief Executive Officer of Disney Parks and Resorts, Bob Chapek, outlined plans in an internal memo for a hiring freeze, layoffs and cost cuts following disappointing quarterly results.
Bob Iger as CEO:
“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, 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.
The move comes as a surprise: Disney’s board voted only in June to extend his contract for three years.
Key Points!
Bob Iger is back as CEO of Disney.
Bob Chapek was named CEO in February 2020 and came under fire for various decisions.
Disney said Iger would remain as CEO for two years to help the company get back on track.
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