Bob Iger returns to Disney as CEO less than a year post retirement
Author : Saipriya Iyer | Published Date : 2022-11-21
Bob Iger, the ex-CEO of Walt Disney Co., is reportedly coming back to the mass media giant less than a year after his retirement. The surprise announcement comes at a time when Disney is struggling to earn profits from its streaming TV services.
According to a statement released by Disney late Sunday, Iger, who announced his retirement last year after serving as the company’s chief executive for 15 years, has agreed to return to his role for an additional two years. He will take over from Bob Chapek, who was appointed as the CEO in February 2020.
Disney’s earnings report for this month showed continuous losses from its streaming media unit, which includes Disney+, thereby disappointing investors, even as Chapek navigated his organization through some tough times during the COVID-19 pandemic.
Susan Arnold, chair of Disney’s board, welcomed Iger and claimed that the former CEO was best suited to lead Disney through this vital period as the company was embarking on an ‘increasingly complex’ journey of business transformation.
As far as Chapek’s future is concerned, Disney’s board, in June, voted unanimously to extend his contract for 3 years.
However, sources claim that during Chapek’s time as the CEO, Disney witnessed an internal culture war after it was pulled up for being silent on the recent Florida legislation that would prevent the classroom discussion of important issues like gender identity and sexual orientation.
Iger left on a high as Disney led the streaming battle against Netflix. However, high interest rates and global economic slowdown have hindered the progress of Disney+, prompting the organization to make some heavy cost cuts.
Iger commented on the latest development by releasing a memo, which stated that Disney’s cast members and employees had helped the company achieve impossible milestones even in the face of extreme uncertainty. This might be a possible hint that Iger will try his best to turn the current situation in Disney’s favor.
About Author
Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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