Bob Iger assumed the role of CEO at Disney in 2005, taking the reins from Michael Eisner. Under Iger’s leadership, Disney become the all-consuming entertainment behemoth it is today; Iger oversaw acquisitions of Pixar, Lucasfilm and Marvel Studios, the latter of which produced the Marvel Cinematic Universe. When he started at the job, Disney’s market cap was at roughly $55 billion. By the time he turned the job over to Bob Chapek in 2020, it was at $260.
And now, a couple years into Chapek’s tenure, Disney’s market cap is around $167 billion. There are good reasons for this: Chapek took over pretty much right at the start of the pandemic, which closed down Disney parks and put a stop to movie and TV production. It did, however, super-charge the company’s digital offerings as people stayed at home and looked for things to watch. Chapek leaned hard into Disney+ and other digital offerings, but while Disney+ continues to gain subscribers, Wall Street Types have been spooked by how much the company is spending on it. The stock price has taken a tumble, and confidence in Chapek’s leadership has waned.
Or at least those are some of the reasons pundits are citing for the shocking news that Chapek is gone as CEO of Disney, and that Iger is back in! “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 Disney’s board of directors. “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.”
Bob Iger replaces his replacement and returns as Disney CEO
Iger himself made a statement, too:
I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. 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.
According to The Hollywood Reporter, the plan is for Iger to return as CEO for two years while the board looks for a new successor…who clearly won’t be Bob Chapek, although it would be hilarious if it was. One of the reasons Iger left the job in the first place was because he was getting on in years — he’s 71 now — and that hasn’t changed.
This is some earth-shattering news. We’ll keep an eye out as Iger lays out his strategy for the company.
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