Bob Iger returns as Disney CEO after Chapek’s departure

The Walt Disney Company announced a shocking change that stunned the entertainment world. Bob Iger is returning to run the media behemoth for the next two years. He is one of the most successful CEOs that has handled the company.

Bob Iger first came to Disney in 2005 when the company’s board fired its CEO, Michael Eisner. Iger was a previous TV weatherman. He dominated Hollywood and Wall Street with his brave acquisitions. He is also known for his respect for the creative industry and Disney’s history.

Bob Iger is back as CEO at Disney, effective immediately

Bob Chapek has stepped down pic.twitter.com/lZeBCOnXi4

— ScreenTime (@screentime) November 21, 2022

Furthermore, Bob Iger will replace Bob Chapek, who had stepped down from his position. He succeeded Iger in 2020. Chairman of the Board for Disney, Susan Arnold, said, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented pandemic challenges.”

Arnold added, “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.”

The 71-year-old CEO, Iger, successfully led Disney for 15 years bringing in Pixar, Marvel, Lucasfilm, and Fox’s entertainment businesses. He was also the acting CEO when the Disney+ streaming service debuted. Iger confirmed in a statement that he was “thrilled” to come back and was “extremely optimistic” about the company’s future.

Bob Iger as returning Disney CEO

Bob Iger’s statement to Disney employees as he returns as CEO.

(via: @TheAnkler) pic.twitter.com/kzGmqoMHbG

— DiscussingFilm (@DiscussingFilm) November 21, 2022

Iger said in a statement, “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.”

Moreover, looking back at Chapek’s time as CEO, many weren’t happy. Hollywood’s creative community had complained about his drastic cost-cutting measures. Some also grumbled about his dull remarks to talents. With the recent price hikes, theme park goers aren’t happy too. 

Bob Chapek also faced controversy this year. He couldn’t use his position and Disney’s influence in Florida to invalidate a Republican bill. The controversial bill prevents teachers from introducing LGBTQ issues to early grades. It sparked an issue between Florida Gov. Ron DeSantis and Disney.

Disney announces ex-CEO Bob Iger will return for 2 years https://t.co/UYIamPjwq3

— NPR Business (@nprbusiness) November 21, 2022

Furthermore, Chapek also faced criticism for how he dealt with Scarlett Johansson’s lawsuit last year. The actress sued Disney for her insufficient pay for the film “Black Widow.” In addition, it was a very unusual case for Disney and a popular Hollywood star. 

While the announcement of the new CEO shocked the industry, Disney shares soared up to 9%. The stock surge is good news for the company after losing 36% of market value this year. This development also comes perfectly at a time of great evolution for the media company.