Bob Iger is returning to the top of Disney as Bob Chapek steps down • TechCrunch

The Walt Disney Company said today that Bob Iger will return to lead the company when Bob Chapek steps down as CEO. Iger, who officially left the company last year, is set to receive commands immediately. The company says that he will hold the position of CEO for two years.

“We thank Bob Chapek for his service to Disney throughout his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal period,” said Chairman Susan Arnold. said in a letter.

“Mr. Iger has a deep respect for Disney’s senior leadership team, most of whom he worked closely with until leaving the position of executive chairman 11 months ago, and he was appointed admired by Disney employees around the world—all of whom will enable a smooth leadership transition.”

The company said there have been no changes to the board of directors and that Arnold will continue to serve as chairman.

Iger served as CEO of Disney from 2005 to 2020 for the previous 15 years decided to resign and hand over power to Chapek. Notably, Chapek signed three-year contract extension with the company in June.

Upon his return, Iger expressed optimism about Disney’s future and was excited to return to the company.

“Disney and their unique brands and franchises hold a special place in the hearts of so many people around the globe—especially in the hearts of our employees, who for whom dedication to this company and its mission is an inspiration. I am deeply honored to be asked to lead this remarkable team again, with a clear mission to focus on creative excellence to inspire generations through bold storytelling. , unparalleled,” he said in a statement.

In the past, Iger oversaw major acquisitions such as Pixar, Marveland 21st century fox. The returning executive also sent an email to Disney employees, including the cast, saying they will hear more about the move from management “tomorrow and in the coming weeks.”

Chapek’s 11-month tenure has not been great for the company as the value of its stock has fallen by more than 40% at the time of writing. He was also criticized for not taking an active stance against Florida’s anti-gay bill. Under his management, the company Fires senior content executive Peter Rice and pass up the chance to get digital rights to stream Indian Premier League Cricket tournament.

The company registered $20.2 billion in revenue in the third quarter of 2022 and missed Analyst’s expectations are close to 1 billion dollars. At the time, Disney CFO Christine McCarthy said the entertainment company aims to reach profitability in fiscal 2024. The company has adjusted its target for global Disney+ subscribers for next year. 2024 words 230-260 million to 215-245 million.

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