After less than a year in retirement, Bob Iger has returned as the CEO of the Walt Disney Company.
The board just sent out a notice that Bob I. is back and recently re-upped Bob Chapek is out. Having handed over the baton as CEO in February 2020 to Chapek — a stunning move unto itself at the time — and then serving as executive chairman until the end of 2021, Iger will be CEO for a second time for the next two years, the company says. Iger had previously been top dog at the House of Mouse from 2005 for 15 years, the final stage of what would be a 47-year run at Disney.
“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,” said board chair Susan Arnold today after what was a rougher-than-expected quarterly report by the company earlier this month. Once an overachiever, Disney’s stock has recently sunk to a multi-year low as executives have warned of weak revenue and profit gains in the year to come.
Despite the turbulence the company has experienced since Iger left the corner office and his well-earned reputation for being as smooth and diplomatic a figure as Chapek could be awkward and untested, Iger was repeatedly asked if he would consider an encore. He always refused, citing his new phase as an investor and industry observer with a lot more time on his hands. At 71, though, he is certainly not at what is considered retirement age in a business sector where many CEOs are active into their 80s. Rupert Murdoch, coincidentally Disney’s largest shareholder, is 91 and still chair of Fox Corp. and executive chair of News Corp.
““I don’t miss my job,” Iger declared during a September sit-down at the Code conference. “Retirement is great, I have a vastly different life than before. Much more air in my day.”
Chapek joined Disney in 1993, leading the company’s home entertainment and parks divisions before surprising most in the entire media and entertainment industry by getting the nod. Kevin Mayer, who had steered strategic planning and then overseen the company’s streaming efforts and the launch of Disney+, was seen as a more likely successor than Chapek.
While Chapek managed to keep Disney from disaster during the onset of Covid in 2020, gradually winning the confidence of investors, he had rougher sledding in 2022. The company was facing an increasingly expensive and difficult slog in streaming, though Disney+ continued to be a growth engine. Apart from the financials, Chapek presided over the messy situation in Florida involving the company’s efforts to head off the state’s “Don’t Say Gay” legislation. Gov. Ron DeSantis mocked the company as “woke Disney,” prompting waves of negative attention from conservative media, while internally many employees were stung. Workers held walkouts in many locations to express their feelings about how Disney had handled the whole affair.
“We were reminded, through the passion of our cast’s reaction, how important their sentiments are on these issues,” Chapek recalled last month at a Wall Street Journal conference. The lesson he learned about navigating thorny political matters? “Stick to your values, to your north star. Simplify the cacophony of voices out there and do what you think is right.”
Read the shocking official announcement here:
The Walt Disney Company (NYSE: DIS) announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” she said.
The position of Chairman of the Board remains unchanged, with Ms. Arnold serving in that capacity.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.
