Disney Brings Back Robert Iger After Ousting Chapek As CEO

Author: Yuvi November 21, 2022

Disney Brings Back Robert Iger After Ousting Chapek As CEO


The board of the Walt Disney Company ousted Bob Chapek as chief executive on Sunday after concluding that various missteps had done irreparable damage to his ability to lead and abruptly announced that Robert A. Iger would return to run the company, effective immediately, for two years. .

“We thank Bob Chapek for his service,” Susan Arnold, the board chair, said in a statement. “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 Disney board is next set to meet in person in New York in December.

She added that Mr. Iger had “the deep respect” of Disney’s senior leadership team.

Mr. Iger, 71, said in a statement that he was “extremely optimistic for the future of this great company and thrilled to be asked by the board to return as CEO.” Mr. Iger ran Disney as chief executive between 2005 and 2020. At that point he handed the day-to-day running of the company to Mr. Chapek, his handpicked successor, while staying on as executive chairman. Mr. Iger departed the company entirely in January.

Mr. Chapek could not immediately be reached for comment.

The surprise reinstatement of Mr. Iger and ouster of Mr. Chapek comes in the wake of a disastrous earnings announcement on Nov. 8. Disney blindsided Wall Street by reporting $1.5 billion in losses at its fledgling streaming division, up from $630 million a year earlier. Mr. Chapek said that higher Disney+ production, marketing and technology costs had contributed to the “peak” losses.

Disney shares dropped 12 percent the next morning, in part because investors — and many people inside Disney — were shocked by the happy-go-lucky tone that Mr. Chapek struck while discussing the earnings report on a conference call with analysts. Mr. Chapek’s demeanor struck many as tone deaf.

Immediately, the CNBC host Jim Cramer began to call for Mr. Chapek’s firing during comments on his show. On Friday, Mr. Cramer said that Mr. Chapek was “incapable of running a fantastic company” and “we need someone new at Disney.”

Mr. Cramer added, “That balance sheet is the balance sheet from hell.”

Mr. Chapek, 62, was named CEO in February 2020, taking over from the exceedingly popular Mr. To install Iger. The handoff did not go smoothly. The coronavirus pandemic forced Mr. Chapek to close most of the company. This year, Mr. Chapek contended with one crisis after another, some of his own making.

In March, Disney became entangled in a heated dispute with Gov. Ron DeSantis of Florida, a Republican, over legislation meant to prohibit classroom discussion of sexual orientation and gender identity through the third grade. Mr. Chapek tried not to take a side at first, at least publicly, which prompted an employee revolt. Mr. Chapek then denounced the bill, setting off a political firestorm, with right-wing figures railing against “woke Disney.”

In June, Mr. Chapek abruptly fired Disney’s top television executive, to howls of disapproval from Hollywood. In August, the activist investor Dan Loeb pushed Mr. Chapek to consider a range of changes, including shaking up the board and spinning off ESPN. (Mr. Loeb later backtracked on a spinoff, saying on Twitter that he had learned more about Disney’s “growth and innovation plans” for ESPN.)

All the while, some of Disney’s most dedicated theme park customers have been growing indignant over price increases they see as nickel and diming. Last month, Disney told investors that theme park profits would have been even higher if not for an “unfavorable attendance mix” at Disneyland, which annual pass holders took as an affront. T-shirts, mugs and stickers began selling online bearing the word “Unfavorables” in Disneyland’s signature calligraphy.

21 November, 2022, 9:10 am

News Cinema on twitter News Cinema on facebook

Monday, 21st November 2022

More Stories
FDA Considering New Approach to Blood Donation by Gay and Bisexual Men
Sen. John Barrasso calls for Biden’s non-binary nuclear was guru Sam Brinton to be ‘terminated’
Wormhole is created inside a quantum computer that ‘teleported’ a message from one side to the other.
Irish Rail worker who is paid £105,000 a year to ‘read the paper’ takes employers to court
Epstein Estate Agrees to Pay More Than $105 Million to US Virgin Islands
Mark Zuckerberg defends the company’s push into the metaverse, where he appeared with a bout of hiccups.
Former Adam Levine yoga instructor says 1992 attack ‘eerily similar’ to University of Idaho slayings
Biden Promises Protections for Nevada’s Spirit Mountain
Fyre Festival fraudster Billy McFarland launches new virtual PYRT festival
Andy Jassy says Amazon will allow the antisemitic film that Kyrie Irving tweeted to remain on sale for now.
Scooter Driver Who Struck and Killed Actress Gets Up to 3 Years
Pamela Rosenkranz Wins the High Line Plinth’s Third Commission
Royal Family news LIVE: William and Kate land in Boston for a three-day visit to the US
Powell says that rates will rise more and remain high ‘for some time.’
San Francisco Considers Allowing Use of Deadly Robots by Police
Life Science, Spacewalk Preps as Station Orbits Higher
NATO Nations Grow More Receptive to US Pleas to Confront China
Prince William and Kate Middleton land in Boston for US trip amid royal race row
New York Police Name a Chief Who Has Faced Internal Discipline
South Africa’s President, Cyril Ramaphosa, Faces Impeachment Hearing
Mother sparks furious debate after waxing her 10-year-old daughter’s face
Outcome in Oath Keepers Trial Could Hold Lessons for Coming Jan. 6 Cases
Elon Musk’s Neuralink to share progress of its brain chip tonight
Sam Brinton: Biden’s nuclear waste guru spoke at a spanking seminar weeks after bag theft
Could Theatrical Movies Shut Out Streamers for the Top Oscars?
17 Public Employees Charged in Schemes to Steal Covid Relief Funds
Deaths From Substance Abuse Rise Sharply Among Older Americans in 2020
White House ‘deeply concerned’ about Paul Whelan
‘Philadelphia is a war zone’: thug strolls up to parking official and shoots him in the head
Indian-origin doc slams ‘racist joke’ at British Curry Awards
Argentina’s World Cup Hangs in the Balance Against Poland
China completes world’s largest solar telescope array with 1.9-mile-wide ring of 313 dishes
Bigg Boss 16 Day 60 Updates: Housemates call Nimrit unfair for favoring Shiv and Soundarya in ranking task
FIFA World Cup 2022: Defending champion France lost to Tunisia
Mariah Carey offers fans opportunity to stay in her apartment BUT the star won’t even be there
House PASSES bill to stop a rail strike on December 9 after Biden asked Congress to step in
In Georgia, Walker’s Pace in the Finish Worries Republican Allies
Hiroshi Miyamura, Given Medal of Honor in Korean War, Dies at 97
Cops kill Illinois man and his grandpa while trying to stop younger man from stabbing his relative
A Resonant Topic in Georgia’s Senate Runoff: Insulin Prices
Spotify Wrapped drops but Apple Music Replay fans have it trending
The five ‘saboteurs’ trying to derail Kevin McCarthy’s Speaker bid: GOP leader’s allies push back