After the decline in shares, which have lost almost 40% in 2022, Disney backtracks and re-engages former CEO Bob Iger, getting rid of Bob Chapek, who has headed the company for the past two years.
Less than a year after its exit from the scene, Disney backtracks and re-engages Bob Iger as CEO of The Walt Disney Company. The company’s board of directors announced the return of Bob Iger and the simultaneous departure of Bob Chapek.
“I am deeply honored to be asked to once again lead this extraordinary team, with a clear mission focused on creative excellence to inspire generations through bold and unmatched storytelling”wrote Bob Iger in an email to staff members.
After handing over the CEO baton to Bob Chapek in February 2020 and serving as executive chairman through the end of 2021, Iger will return to the CEO role for the second time for the next two years. His mission will also include identifying a successor, thus avoiding the mistake made in the past given the constant postponements of the plans to resign elaborated during his 15 years at the top of Disney.
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“The board concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is in a unique position to lead the company through this pivotal period.”Board Chair Susan Arnold said in the official announcement. all this takes place after the financial statements for the third quarter, a budget marked by the decline in the value of the company’s shares, which have lost about 40% in 2022 to date.
In the email to employees, Bob Iger said he shared the news of his return “with an incredible sense of gratitude and humility and, I must admit, a little amazement”. Without giving details of his return, the former CEO added that Disney “holds a special place in the hearts of people around the world because of you and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day”. The press release makes no mention of the departure of Bob Chapek, with whom Iger has allegedly had a difficult relationship since the transition to power