Bob Iger returns from retirement to lead Disney. Bob Chapek out

[Demovictory9]

https://www.cnn.com/2022/11/20/media/disney-bob-iger-ceo/index.html

(CNN Business)In a move that shocked Hollywood, Bob Iger, one of the most notable CEOs in the history of the Walt Disney company, is returning to once again run the media empire.

Bob Chapek, who replaced Iger in 2020 as CEO, is stepping down immediately.

"We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. "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 announcement, while surprising to the media industry, comes at a time of great evolution for Disney. The company is coming off a lackluster earnings report that showed growth for its streaming endeavors. However, that came at a great cost. Disney's streaming business lost $1.5 billion in the fourth quarter. That report sent Disney's stock tumbling after a year of sluggish to bad performance.

Chapek guided the company through the pandemic, one of its most tumultuous periods in its nearly 100-year history, but ultimately Disney decided that its future was in better hands with Iger.

Away from the pandemic, Chapek had a short but bumpy tenure as the head of Disney. Chapek, who served as chairman of Disney Parks, Experiences and Products before taking over for Iger, found himself dealing with issues regarding pay with Scarlett Johansson, one of the company's biggest stars, as well as Disney's battles with Florida, and its own employees, regarding the state's controversial bill restricting certain LGBTQ topics in the classroom.

[Takket]

1. Chapek was a mess and I'm glad he's gone

He was detested by the employees and fans. Ran the company in an austerity based fashion of slashing services while skyrocketing prices and nickel and diming guests for everything.

And his handling of the don’t say gay bill in Florida was so sloppy he simultaneously managed to enrage the left and the right.

Iger has signed in for two years to basically train his successor (which he tried doing with Chapek)

[Historic NY]

2. So am I they treat DVC people with thousand in investment in the property as if they don't exist

no annual passes, reservation to the parks...increasing dues for which you get nothing in return

[uponit7771]

3. Chapek gets paid 250 million for 11 months of work

[Demovictory9]

7. Outrageous

[SickOfTheOnePct]

4. We're huge Disney fans

Used to be our go-to for the big family vacations...we would save up and go for 10 or 11 days every two or three years. But service has been going down for years even as the prices keep going up.

My wife and I went for four days in 2018, but stayed offsite (friends have a timeshare), and I went with a friend in Dec 2019 for five days, stayed onsite. But the big family trips are off for the foreseeable future...we could justify the costs when the service was exemplary, but increasingly more for increasingly less? No thanks.

[MurrayDelph]

5. Chapek ran the MBA playbook

Cut corners and raise prices, and hope no one notices.

People noticed, but were so hungry for entertainment they came anyway. So he cut more corners and raised more prices.

Among the corners cut was ride maintenance. Rides now break down daily, so raise prices.

People are hungry to come in, so cancel affordable annual passes and they'll have to pay each time. And if they REALLY want one anyway, charge them an arm, leg, and firstborn.

Business costs are lower in Florida, so let's force the Imagineers to move here (at their own cost).

Beer has a high markup, so let's sell booze in the parks, which has nothing to do with increased fighting in the parks. Nor does the cutbacks in security personnel.

Basically, Bob Paycheck, excuse me: Chapek, was the Louis deJoy of the Walt Disney Company.

[LetMyPeopleVote]

6. Disney Stock Jumps as Wall Street Cheers Return of Bob Iger "Magic,"

Link to tweet

[Deep State Witch]

8. Good Riddance!

Now, maybe he'll re-think cancelling The Owl House.