In a surprising announcement late Sunday evening, Disney has introduced that CEO Bob Chapek is formally out and set to get replaced by former CEO Bob Iger, who retired from the place simply two years in the past. Disney’s board despatched out an official announcement noting the swap with out elaborating an excessive amount of on Chapek’s exit and establishing that Iger, who labored for Disney for over 40 years, has agreed to return as CEO for 2 years. Over the subsequent two years, Iger will work carefully with the board to search out an applicable successor to steer Disney shifting ahead.
Read Disney’s Official Statement on Reinstating Bob Iger and Bob Chapek’s Exit:
The Walt Disney Company (NYSE: DIS) introduced immediately that Robert A. Iger is returning to steer Disney as Chief Executive Officer, efficient instantly. Mr. Iger, who spent greater than 4 a long time on the Company, together with 15 years as its CEO, has agreed to function Disney’s CEO for 2 years, with a mandate from the Board to set the strategic route for renewed development and to work carefully with the Board in creating a successor to steer the Company on the completion of his time period. Mr. Iger succeeds Bob Chapek, who has stepped down from his place.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” stated Susan Arnold, Chairman of the Board. “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.”
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” she stated.
The place of Chairman of the Board stays unchanged, with Ms. Arnold serving in that capability.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger stated. “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. I am 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.”
During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped construct Disney into one of many world’s most profitable and admired media and leisure firms with a strategic imaginative and prescient targeted on artistic excellence, technological innovation and worldwide development. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and twenty first Century Fox and elevated the Company’s market capitalization fivefold throughout his time as CEO. Mr. Iger continued to direct Disney’s artistic endeavors till his departure as Executive Chairman final December, and the Company’s sturdy pipeline of content material is a testomony to his management and imaginative and prescient.