Bob Iger Appointed Disney CEO In Shocking Development – Orange County Register

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 lead the media empire.

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

“We thank Bob Chapek for his service to Disney throughout his long career, including navigating the company through the unprecedented challenges of the pandemic,” Disney CEO Susan Arnold said in a statement Sunday night. “The board has 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 phase.”

The announcement, which comes as a profound surprise to the media industry, comes at a time of great development for Disney. The company is issuing a lackluster earnings report that showed growth for its streaming efforts, but at a hefty price tag of $1.5 billion in the fourth quarter. That report sent Disney stock plummeting after a year of sluggish to underperforming.

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

Iger has an almost mythical status as the leader of Disney. He spent 15 years as CEO and was instrumental in acquiring major brands such as Marvel and Lucasfilm, home of Star Wars. Iger also started the streaming revolution at Disney with the launch of Disney+ in November 2019.

Disney said Sunday that Iger has agreed to serve as CEO for two years, with “a mandate from the board to set strategic direction for renewed growth and to work closely with the board to develop a successor to lead the company upon expiry.” to lead his term of office.”

The-CNN-Wire™ & © 2022 Cable News Network, Inc., a Warner Bros. Discovery company. All rights reserved. Bob Iger Appointed Disney CEO In Shocking Development – Orange County Register

Adam Bradshaw

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