On Sunday, the Walt Disney Company officially declared that former CEO Bob Iger would again take the reins by replacing the present CEO Bob Chapek. The change, a sensational new development for the world’s most prominent media organization, is taking effect immediately after the announcement.
After serving Disney for over forty years, including 15 years as its CEO, Iger retired last year. Now he has consented to accept the responsibility of CEO for two years.
Iger was overwhelmed by the announcement and said,” I am deeply honored to be asked to again lead this remarkable team.”
Bob Iger Replaces Bob Chapek as Disney CEO https://t.co/qlXWOjZ2st— Variety (@Variety) November 21, 2022
Chapek served as CEO for two years when Wall Street was concerned about increasing costs at the company. Disney’s stock has decreased by 41% this year.
Robert A Iger, aka Bob Iger, who acted as Walt Disney’s CEO for 15 years, expanded the organization’s market capitalization five-fold and vowed to return for no less than two years.
Iger had advanced Chapek as his substitution in 2020; however, the two later had a run-in.
In February 2020, Chapek took over as CEO of the Walt Disney Company during the Coronavirus pandemic period. Last year, he pursued contention by getting into a public disagreement with Scarlett Johansson over releasing the film Black Widow in cinemas and the digital platform. Disney hauled into a claim over remuneration for the film.
When Iger was CEO, Disney procured Marvel, Pixar, 21st Century Fox, and Lucasfilm. At that time, Disney established its first amusement park, The Shanghai Disney Resort, in China and introduced the ESPN+ and Disney+ broadcasting services.
Chapek disappointed some Disney staff with how he took care of the “Don’t Say Gay” regulation in Florida, where the Walt Disney theme park is situated. The law recently bans public school teachers from offering sexual direction or orientation character guidance.
Chapek stayed quiet on the issue until pressure developed among Disney’s staff.