— BURBANK, California In a decision that startled the entertainment world, The Walt Disney Firm announced late Sunday that former CEO Bob Iger will return to lead the company for two years.
Bob Chapek, who followed Iger in 2020, has resigned, according to a statement from Disney. Susan Arnold, the chair of Disney’s board of directors, congratulated Chapek for his leadership through “the enormous challenges posed by the epidemic.”
She stated that directors thought Iger was “uniquely positioned” to lead the entertainment behemoth at “a period of more challenging industry transition.” Iger, 71, headed Disney for 15 years, during which time it acquired Pixar, Lucasfilm, Marvel, and Fox’s entertainment companies and established its Disney+ streaming service. He left office in 2020.
Iger stated in the statement that he was “delighted” to return and “very enthusiastic” over Disney’s future.
Iger stated, “I am incredibly pleased to be invited to lead this extraordinary team once more, which has a clear goal to inspire generations via unequaled, daring storytelling.”
Robert Iger during the Stella McCartney “Get Back” Capsule Collection and Peter Jackson’s “Get Back” documentary release on November 18, 2021 at The Jim Henson Company in Los Angeles. Getty Images
The creative community in Hollywood has criticized Chapek’s cost-cutting efforts and often direct approach to talent, while theme park regulars were dissatisfied with price increases. This month, Disney reported fiscal fourth quarter numbers that were below expectations.
Chapek received backlash at the beginning of this year for failing to use Disney’s huge power in Florida to scuttle a Republican plan that would prohibit early-grade teachers from teaching LGBTQ themes. The bill created a dispute between Disney and the Republican governor of Florida, Ron DeSantis.
In addition, he was attacked for his handling of Scarlett Johansson’s lawsuit over her salary for “Black Widow” a year ago, which was an unusually public dispute between the studio and a major Hollywood actress. The 2021 Marvel film was simultaneously released in cinemas and as a $30 rental on Disney+.
Iger initially ascended to power at Disney in 2005, when the board dismissed Michael Eisner, the company’s sixth CEO. The former television meteorologist won over Wall Street and Hollywood with daring purchases and public gestures of admiration for the creative community and the company’s illustrious heritage.
According to Wall Street experts, Iger’s comeback is positive for Disney.
Michael Nathanson, a senior analyst at SVB Securities, told investors in a research note, “Over the years, Mr. Iger’s decision-making and strategic positioning — which ignored Wall Street’s sometimes erroneous short-term focus — would finally set Disney apart from the media pack.” In addition, his communication skills and capacity to remain focused and genuinely hopeful in the face of structural obstacles offered a consistent ballast in the most turbulent media waves.
The price of Disney stock jumped by more than 9 percent before to the opening of trade on Monday.