{"id":3409,"date":"2022-11-22T09:18:50","date_gmt":"2022-11-22T08:18:50","guid":{"rendered":"https:\/\/a2kadvisory.com\/?p=3409"},"modified":"2022-11-22T09:34:43","modified_gmt":"2022-11-22T08:34:43","slug":"bob-iger-returns-as-disney-ceo-replacing-bob-chapek-after-a-brief-tumultuous-tenure","status":"publish","type":"post","link":"https:\/\/a2kadvisory.com\/fr\/2022\/11\/22\/bob-iger-returns-as-disney-ceo-replacing-bob-chapek-after-a-brief-tumultuous-tenure\/","title":{"rendered":"Bob Iger returns as Disney CEO, replacing Bob Chapek after a brief, tumultuous tenure"},"content":{"rendered":"
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Bob Iger, former CEO, The Walt Disney Company<\/div>
Scott Mlyn | CNBC<\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bob Iger is back.<\/p>

Disney+, in a shocking late Sunday announcement, said it had reappointed Iger as chief executive, effective immediately, after Iger\u2019s hand-picked successor as CEO, Bob Chapek, came under fire<\/a>\u00a0for his management of the entertainment giant.<\/p><\/div>

\u201cIt is with an incredible sense of gratitude and humility \u2014 and, I must admit, a bit of amazement \u2014 that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer,\u201d Iger wrote to employees in an email, which was obtained by CNBC.<\/p>

Shares of Disney, a Dow component, closed\u00a0up more than 6%<\/a>\u00a0on Monday.<\/p>

The dramatic upheaval comes 11 months after Iger left Disney, and days after Chapek said he\u00a0planned to cut costs at the company<\/a>, which had been burdened by swelling costs at its streaming service, Disney+. Earlier this month, the company\u2019s earnings vastly\u00a0underperformed Wall Street\u2019s expectations<\/a>. Even its theme park business, which reported a surge in revenue, delivered less than what analysts had projected.<\/p>

Iger\u2019s 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.<\/p>

Iger will help the company\u2019s board develop a new successor, Disney said in a release.<\/p>

Chapek was named chief executive in February 2020, succeeding Iger, who had previously said he wouldn\u2019t return to the role.<\/span><\/div><\/div>

Shares of Disney have fallen about 37% so far this year. The stock hit a 52-week low Nov. 9.<\/p>

Iger has signed on to work as CEO for two years, Disney said Sunday, \u201cwith 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.\u201d<\/p>

The company said Chapek stepped down. Soon after Chapek took over in 2020,\u00a0Covid-19<\/a>\u00a0became a pandemic and forced the shutdown of Disney\u2019s theme parks and prevented it, for a time, from releasing movies in theaters. Nevertheless, the company\u2019s stock soared in 2021, before crashing down to earth in recent months.<\/p>

\u201cWe thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,\u201d said Susan Arnold, Disney\u2019s board chair. She will remain in that role.<\/p>

Chapek, whose contract as CEO\u00a0was extended earlier this year<\/a>, 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\u2019s poor quarterly earnings report.<\/p>

Iger, who held the CEO role for 15 years at Disney, had favored Chapek as his successor. The\u00a0two ultimately had a falling out<\/a>, and their conflict cast a shadow over the company\u2019s future. Chapek\u00a0distanced himself from Iger<\/a>\u00a0with a series of decisions, including his new approach to streaming prices for Disney+, Hulu and ESPN+.<\/p>

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 \u2013 all of which have become multibillion-dollar intellectual property behemoths.<\/p>

Chapek, meanwhile, angered employees with his initial silence about the \u201cDon\u2019t Say Gay\u201d law in Florida, where the company\u2019s Walt Disney World resort is located. He then received blowback from Republican politicians, such as Florida Gov. Ron DeSantis, for opposing it. Earlier this month, CNBC reported that\u00a0Chapek had been in touch with Republican leaders<\/a>\u00a0in preparation for the GOP taking over the House.<\/p>

Chapek also was criticized for his\u00a0handling of the controversy over Scarlett Johansson\u2019s pay<\/a>\u00a0for her work in the Marvel movie \u201cBlack Widow.\u201d<\/p>

Chapek did not immediately respond to a request for comment.<\/p><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Source : cnbc.com<\/a><\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Bob Iger, former CEO, The Walt Disney CompanyScott Mlyn | CNBC Bob Iger is back. Disney+, in a shocking late Sunday announcement, said it had reappointed Iger as chief executive, effective immediately, after Iger\u2019s hand-picked successor as CEO, Bob Chapek, came under fire for his management of the entertainment giant. \u201cIt is with an incredible sense […]<\/p>","protected":false},"author":1,"featured_media":3414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Bob Iger returns as Disney CEO, replacing Bob Chapek after a brief, tumultuous tenure<\/a><\/blockquote>