Bob Iger is suddenly back as Disney CEO following the short and disastrous tenure of his successor, Bob Chapek. According to The Hollywood Reporter:
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.”
Chapek had just signed a new multi-year contract in June. 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.
Disney shares have fallen by nearly half since February, 2021, as woke policies and failed movies loaded with Cultural Marxism failed to excite fans. Was that Chapek’s fault or was he just continuing the direction that Iger had set?
We’ll soon see. If Disney continues to be the wokest major entertainment company in America, this leadership change won’t do much. If Iger tries to change directions, he’ll have a whole lot of groomers and their supporters to contend with internally. It seems like a Catch-22 for someone who was decent during good times but not so great during bad times. Not that I ever give stock tips, but I wouldn’t bet on Disney rebounding anytime soon.