Bob Iger will resume his position as CEO of the Walt Disney Company following Chapek’s exit. Here’s what this may mean for Disney fans…
In a shocking turn of events, Bob Chapek stepped down from his position as Chief Executive Officer of the Walt Disney Company last night. The public was surprised even further to learn that Disney legend and former CEO Bob Iger will be coming out of retirement (again) to fill in.
Despite widespread disapproval from both consumers and executives of Chapek’s leadership, few saw this move coming — including Chapek himself.
Bob Chapek No Longer CEO of Disney
On Sunday night, Disney announced that Bob Chapek had stepped down at the request of the company and was to be replaced by Bob Iger effective immediately. The news broke just moments after Chapek himself was notified of the leadership change.
Despite Bob Chapek’s happy-go-lucky attitude, fiscal reports, guest experience, and employee satisfaction have all declined over the course of his two-year run. In Chapek’s defense, he inherited the company at a rather unfortunate time; Iger passed the torch to him in early 2020, just before the coronavirus pandemic would force most of the world into lockdown.
Unfortunately, as the dust settled following the pandemic, Chapek remained an unpopular leader amongst fans, investors, and employees alike. In response to low earnings reported earlier this month, Chapek claimed he would make up for the costs by utilizing layoffs and hiring freezes, which was met with outrage from both employees and guests.
It appears that the company’s most recent quarterly earnings report and the public critique that followed were the last straw for the board.
Iger Returns as Disney CEO
Despite resigning as Chief Executive Officer in early 2020, Bob Iger has signed a two-year contract with the Walt Disney Company to serve in the critical leadership position once again. I
Iger has been revered for having one of the most successful reigns in Hollywood history, which impressively extended from 2005 to 2020. Under his leadership, Disney acquired two highly profitable franchises, Marvel and Star Wars, which have since been built upon in Disney’s theme parks as well as in the form of movies, television shows, comics, and books.
The Walt Disney Company showed significant growth during Iger’s leadership while maintaining good rapport among employees and guests — a feat that is not simple, to say the least.
It’s hard to say what changes Iger will make in the two years ahead, but there is good faith across the board that Disney will be in good hands.