Florida: Disney has let go of CEO Bob Chapek on Sunday. Former CEO Bob Iger who headed the company for 15 years has been brought back to replace Chapek.
Susan Arnold, chair of Disney's board, said the board of directors decided that as the conglomerate embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period, reported AFP. Iger in his 15 years, increased the company's capitalisation five-fold. He is returning for at least two years.
After his replacement was announced, he said: "I am deeply honored to be asked to again lead this remarkable team... through unrivaled, bold storytelling." Disney acquired Pixar, Marvel, Lucasfilm, and 21st Century Fox under Iger's leadership. It also opened its first theme park in China - the Shanghai Disney Resort. The launches of Disney+ and ESPN+ were under Iger's watch.
The world's largest media company also thanked Chapek for his service to Disney over his long career. He took charge as CEO two years ago. During this period, Disney's stock fell 41%. Iger himself chose Chapek as his replacement in 2020. But the two executives later had a falling out. Disney has also been struggling to turn its streaming TV services into profitable businesses.
In June, Disney's board voted unanimously to extend Chapek's contract for three years. But this month, the company disappointed investors with an earnings report showing continued losses.
The "Don't Say Gay" law in Florida controversy was crucial for Disney. Chapek remained silent on the issue which affected the company's public image. The Walt Disney theme park is in Florida where a law barred public school teachers from offering education on sexual orientation or gender identity. There was a public outcry for Disney to take a stand on the issue. The company saw an internal culture war over the issue.