Disney announces ex-CEO Bob Iger to return for 2 years

[pstokely]

Source: AP

BURBANK, Calif. (AP) — The Walt Disney Company announced late Sunday that former CEO Bob Iger would return to head the company for two years in a move that surprised the entertainment industry.

Disney said Bob Chapek, who succeeded Iger in 2020, had stepped down from the position.

“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,” board Chair Susan Arnold said in a statement from Disney.

Arnold thanked Chapek for his service, including his time during “the unprecedented challenges of the pandemic.”

Read more: https://apnews.com/article/business-bob-iger-chapek-susan-arnold-81f76a4a34c1e902fbd639af843cf84a

[ificandream]

1. Time for Disney to kick DeSatin's butt

[ZonkerHarris]

2. well now

[Fiendish Thingy]

3. About time.

Chapek was ruining the theme parks.

[jgmiller]

4. Never have an accountant run an entertainment company

There are plenty of companies where an accountant might do a good job as a CEO, maybe Twitter even but not an entertainment company. When all of you decisions revolve around the bottom line and you are in charge of a bunch of creatives who don't understand finance you are headed for disaster.

[exboyfil]

5. The guy who paid twice what 20th Century Fox was worth

Ok.

[samsingh]

11. the marvel and star wars guys were excellent and got them away from murdoch's lecherous fingers

[LetMyPeopleVote]

6. Disney fans are excited

This makes me smile

Link to tweet

[twodogsbarking]

8. Second try. Disney owns......

[link:https://disney.fandom.com/wiki/List_of_assets_owned_by_Disney|

[bucolic_frolic]

9. Rescue the STOCK PRICE!!!!!!!!!!!!

[onetexan]

10. Why did they oust Iger 3 years ago? Or did he resign on his own?

From what i can see the board got rid of the previous guy becaise their stock value tanked.

[obamanut2012]

14. No, Iger retired

[onetexan]

15. Wow. Must've been given a plum amount to unretire

[Yavin4]

12. Disney was on cruise control then the Fed raised rates

Higher borrowing costs wreak havoc on entertainment companies. Everything becomes more expensive while customers pull back on spending.

Hiring Iger is a p.r. move designed to calm institutional investors.

[modrepub]

16. Yup

But I wonder if raising interest rates is a fools errand. There are so many ultra rich folks who are basically immune to high interest rates or rising prices that they just won't stop buying stuff.

[Yavin4]

17. It's not just consumers. It's their cost of borrowing.

From movie budgets to new rides and features at the park, it's all based on borrowed money and all of those projects get more expensive.

[Polybius]

13. I wish Michael Eisner was younger than 80

There was never a better and more successful Disney CEO in my lifetime.