PANIC AT DISNEY BOB CHAPEK FIRED! BOB IGER IS CEO IMMEDIATELY! Will Serve 2 Years To Fix Disney!

This was an emergency. If Chapek had stayed another six months the damage would be irreversible. As I'd mentioned in earlier videos, I'm expecting a $5 to $10 Billion one-time restructuring charge within the next year to clean up the mess made by Chapek. Expect Kareem Daniel to be leaving soon as well. Disney's board of directors said that Iger "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 identify a successor.

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PANIC AT DISNEY BOB CHAPEK FIRED! BOB IGER IS CEO IMMEDIATELY! Will Serve 2 Years To Fix Disney!

Disney Shocker: Bob Iger Returning as CEO, Bob Chapek Exits
https://www.hollywoodreporter.com/business/business-news/disney-bob-iger-returning-ceo-bob-chapek-exits-1235266823/

In a stunning turn of events, The Walt Disney Co. says that Bob Chapek will step down as CEO, with Bob Iger returning to lead the company.

Disney’s board of directors announced the decision Sunday night.

“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, in a statement. “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.”

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Chapek had just signed a new multi-year contract in June, after speculation following the ouster of TV chief Peter Rice earlier that month prompted the board to issue a notable public statement backing the CEO after the move.

Iger even acknowledged in an email to Disney employees Sunday that he is returning “with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement.”

While Iger will be returning to his old role, the board also made it clear that his new term will be a temporary one.

Iger “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,” the board said. The revival of the “who will be Iger’s successor?” question is one that’s sure to be hotly debated, given that much of the prior decade saw a wave of executives be speculated about as a possibility, only to exit or be passed over.

Iger stepped aside as CEO in February 2020, handing the reins to Chapek, who previously led the company’s theme parks and consumer products division. He continued to serve as executive chairman of the company, stepping down from that position just 11 months ago. (Since that time, he found a part-time gig at a venture capital firm, Thrive Capital, as a partner and had been working on a follow-up book to his 2019 tome Ride of a Lifetime.)

Of course, as Arnold noted in her statement, the novel coronavirus pandemic took its toll on the company, shutting its theme parks and cruise ships, and stopping almost all film and TV productions. It also, however, turbocharged streaming growth, with Chapek leaning into streaming by reorganizing the company to focus on digital.

But his tenure has also been rocky, marked with controversies and distractions. From the aggressive campaign against Marvel star Scarlett Johansson that resulted in a settlement over pay for Black Widow, to Disney’s response (or lack thereof) to Florida’s so-called “Don’t Say Gay” bill, Chapek has had to deal with a wide array of public misfires during his relatively brief tenure atop the company.

But in addition to the public controversies, Disney’s business has also begun to falter in recent quarters.

Chapek announced on Nov. 11 that the company would freeze hiring and stop all non-essential travel, with layoffs likely to follow as his executive team sought to trim costs.

And while Disney gains subscriptions at a rapid clip — some 235 million across Disney+, ESPN and Hulu — the company’s streaming losses have continued to grow, to nearly $1.5 billion in its most recent quarter, making it that much more challenging to hit its profitability target.

Iger, a company man since joining ABC in 1974, led the network after Disney acquired it in 1995 and was elevated to CEO of Disney in 2005, succeeding Michael Eisner. While his elevation within the company was due to his business acumen, he developed a reputation for having an elevated sense of taste and creative vision, skills he continued to put to use after stepping aside as CEO in 2020.