Bob Iger named Walt Disney CEO Again; Bob Chapek Has Stepped Down

Bob Iger Disney CEO as Bob Chapek Steps Down

Bob Chapek has stepped down as Walt Disney CEO and Bob Iger has been reinstated as Walt Disney CEO. For those watching the Disney business and its on-screen products over the past few years, something had to change.

Many thought, and still think, that the change necessary is Kathleen Kennedy. Others apparently, thought otherwise, that a scalp of a symbolic-nature was necessary. Bob Chapek is that scalp, an unexpected move by Disney as the “company’s board of directors unanimously voted to extend Chapek’s contract as CEO for another three years, the company said in June. Chapek’s new contract began in July and was set to run until 2025.”

Upon news of Iger taking the reins of Disney once more, Disney’s stock price jumped more than 8% in pre-market trading (having lost 40% of its value during this year), as stock traders and Wall Street associate Iger with some of the best business moves that Disney has made: acquiring Marvel, LucasFilm, and the creation of Disney+ to name a few.

Iger had this to say about his return to Disney:

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. 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.” He went on to say that he is “deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

The Iger / Chapek swap is being explained as a thoughtful measure in a tumultuous time-period.

Chairman of the Board for Disney Susan Arnold had this to say about Bob Iger being reinstated as Disney CEO:

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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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