The coronavirus pandemic has done great damage to Disney, as it has to other companies. The company has closed its theme parks and cruise ships. He stopped almost all movie and TV series productions. Bob Iger, who was dismissed dramatically in 2020, was appointed to replace current CEO Bob Chapek due to reasons such as business deteriorating and being far from company expectations.
Bob Iger, who is reinstating the Disney throne, announces the mission is temporary
The sacking of Bob Chapek, seen as a big surprise, comes after disappointing third-quarter earnings at Disney. Disney Chairman of the Board Susan Arnold said in a statement:
We thank Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic.
Disney argued that Bob Iger was in a position to lead the company as it entered an increasingly complex industry era. Already, his seat is still hot as Iger served as Disney CEO for 15 years from 2005-2020.
Returning to his old post, Bob Iger has made it clear that the new era will be temporary. Iger said he is optimistic about the company’s future and is excited to be returning as CEO once again, albeit temporarily.
Former CEO explained: Disney and Apple could merge
A prediction of the publishing industry giant Disney and technology giant Apple for the past years was shared by the former Disney CEO.
Iger has agreed to serve as CEO of Disney for two years, with the mandate to work closely with the board on a successor to lead the company. He said he would work with the board to find a successor during this process—during his tenure.
Bob Iger had previously chosen Chapek as his successor. The two eventually got into a disagreement, and their disagreement cast a shadow over the company’s future. Chapek has stepped away from Iger with a number of decisions, including its new approach to streaming prices for Disney+, Hulu, and ESPN+.
Professor Erik Gordon of the University of Michigan described Iger’s return to the CEO role as “the biggest comeback blow since Steve Jobs took back Apple.”