LOS ANGELES, CA — The announcement that shocked many was made on Sunday night that former CEO Bob Iger has returned in the same role to lead Disney to higher heights. Disney lost $1.5 billion in the third quarter of 2022 with it’s streaming service, and a result the company stock dipped approximately 10%. As of Monday, the stock rose 6% with the news of Iger’s return. Disney said it expects Disney Plus to become profitable in fiscal 2024.
“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.”
Effective immediately Iger will replace Bob Chapek, who took over as Disney CEO in February 2020 just before the global COVID pandemic. Iger served as the company’s CEO for 15 years and will now serve for the next two years atleast. He elevated the Disney company by advancing the business range that acquired Pixar for $7.4 billion, Marvel (MCU) for $4 billion and Lucasfilm for $4 billion, that strengthen the entity where the company exceeded $10 billion in global box office sales. Igar is scheduled to meet with his employees on Monday.
“I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty – perhaps especially in the face of uncertainty – our employees and Cast Members achieve the impossible,” Iger said in a memo to employees. “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.“
*The restructuring has begun with the latest move in the Chairman of Disney Media and Entertainment Distribution Kareem Daniel stepping down.
