Bob Iger was reinstated as CEO of the Walt Disney Company on Sunday after his predecessor, Bob Chapek, went “woke” and nearly broke the media company.
Iger, who retired from Disney last year after 15 years as chief executive, has agreed to serve as CEO for two more years. He will replace Chapek, who took over as Disney CEO in February 2020.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday. “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.”
This comes following a series of financial failures thanks to Chapek’s eagerness to appease the “woke” crowd. Disney laid off workers earlier this month after its stock dropped to an all-time low.
“I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time,” Chapek stated in a memo at the time.
The company’s recent quarterly earnings results showed an operating loss of $1.47 billion for its streaming entertainment services. Stock also collapsed to 13.16 percent on Tuesday thanks to the earnings miss, marking the lowest drop in two years.
Chapek also found himself in a flurry of controversial issues, such as Scarlett Johansson’s pay dispute and battles with Florida Gov. Ron DeSantis over Florida’s “Don’t Say Gay” bill.
Bob Chapek stood against Florida’s Parental Rights in Education Act.
— James Bradley (@JamesBradleyCA) November 21, 2022
Disney stockholders just showed him the door.
Because that’s what you get when you stand against PARENTS and come for our children.
The petty quarrel with DeSantis resulted in Disney’s special Florida tax status being expensively revoked. In making his decision, the Republican governor said he was not “comfortable having that type of agenda getting special treatment in my state.”
As for Iger, he has laid out his priorities for Disney, including keeping the company’s hiring freeze in place and giving back the reins to its creatives.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in a statement on Sunday. “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.”
