Back in 2020 before COVID-19 shut down the parks, Bob Chapek took over as the Disney CEO.
Since then, Chapek has been hit with a lot of criticism during his time as CEO as prices increase and with the introduction of Genie+ and park pass reservations. However, it seems that Chapek has now stepped down from the position.
Disney just sent out a notice that Bob Iger is returning to the position of CEO at The Walt Disney Company and Bob Chapek is out, effective immediately.
Disney released a full statement that you can read below:
Robert A. Iger named Chief Executive Officer of The Walt Disney Company: https://t.co/qvG1ZB8cvR pic.twitter.com/nV41l8OMEW
— Walt Disney Company (@WaltDisneyCo) November 21, 2022
The Walt Disney Company (NYSE: DIS) announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said 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 said.
The position of Chairman of the Board remains unchanged, with Ms. Arnold serving in that capacity.
“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 said. “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 build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.
In February of 2020, Iger stepped down as CEO making room for Bob Chapek to take over the position. Since then, though, Iger has continued to comment on things happening with The Walt Disney Company including the “Don’t Say Gay” bill and Chapek’s job as CEO.
We’ll continue to keep you updated on the situation.
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What do you think about this change? Let us know in the comments.
This is good news ….. if Disney returns to the way it was in the past.
The prices are out of control. The best features are gone. The Genie and park reservation system makes it too complicated for people to attend and have a good time when they want to. Vacation club members are selling their memberships.
Walt would be ashamed !
Chapek was a bad “face” for Disney, however, the parks are doing so well that they are funding the studios and streaming service. Mr. Iger was brought back to make the Disney brand valuable again and to fix the unprofitable Disney+. It appears that Apple might be looking to acquire some Disney, perhaps starting with the streaming division. Don’t look for retro changes to the parks, they are doing just fine, the changes will be the manner in which future additions and their costs are presented.
Don’t get too excited and look for things in the parks to revert back to prepandemic status. The board booted BobC due to falling stock prices and fiscal losses in other departments of Disney. They have not cared what he did on the parks side of the company. So, curb your enthusiasm and wait and see what Iger does in the next 2 years. I for 1 hold out no hope for any changes to the park experience. Hopefully, I’m wrong.
I am not spiking the football just yet. Disney has lost its magic and moral compass. Not sure if Igor was the right one to bring in, sounds like more mouse house cleaning needs to be done. Remember, the board renewed cheapskate contract, so I question the board members common sense and thinking. Disney has got to earn back its reputation, to me their reputation is tarnished.
I am very happy with this news!
This is awesome news! Goodbye “Cheap”ak!
It doesn’t really matter which Bob is at the helm…the problems will persist but one good thing…Disney employees may feel like they have someone watching their back versus the other Bob who wields an axe during a time when they are needed the most.
Give Mr. Iger a chance, it will take a while to bring back common sense to all things Disney. Hopefully we will see a better balance between pleasing stockholders and park (as well as their other endeavors) participants (guests). Taking proper care of their guests can, and most probably will, bring a win-win scenario for all. Time will tell. Fixing a matter usually takes longer to fix than to break it. I’m rooting for him to succeed.
Thank God. The prices are outrageous. Please bring back the Dining plans, fast pass, Disney express busing & more employees to the keep the park up & running like a well oil machine. To many attractions we’re down or closed when we on line. Remember “Walt’s” dream!
😊😊🤗🤗🤗😂😂😂😂
It’s about time they got today of that Jerk ! Chapel couldn’t run a shopping center carnival let alone a fabulous company like Disney. I hope Disney Security escorted him off the property with extreme prejudice!! Welcome back Bob! Sorry for the mess you have to clean up.
Best. News. EVER!!!!
I was so happy to hear of this news! I cheered at the TV this morning. Hopefully WDW will be back to the Disney we all know and love. I think, WDW was so out of touch with the family’s. There are families of 4 that could not afford to be in WDW , just out of reach. Walt Disney and Roy Disney would not have liked the direction this company was going in .
Best news ever, why it took the Board so long to do it makes no sense.
Bob Paychecks statement that the Disney Guests dictate what needs to be done, and the board listened, is true and the only thing I will agree he said or did right. Hopefully we can all forget his name and the Parks get Magic back, But they need to pick the right person that Iger will get set up to take over in 2 years.
Lets get back to Magical Days at Disney.
maybe he will get rid of park pass reservations and bring back more perks for us annual pass holders.
With Chapek’s departure and Bob’s return, I have instantly renewed faith in a company I’ve loved all my life. I understood that Covid was a difficult period Chapek faced , but you can’t build a company by price gouging the loyalist fans at every turn. Hopefully the CFO is following Chapek out the door.
Best. Day. Ever. Get Disney back on track! Even though Iger is extremely liberal, he tends to stay more in his lane. Stay out of politics and go back to being the entertainment company we used to love. No one wants woke ideology shoved down their throats. Hopefully money and stock prices, the only thing Disney seems to care about these days, has finally gotten their attention.
Axe man Evil Bob was promoted to do the nasty parts of the job. He did them, now Lovable Bob gets to come back. Don’t forget Lovable Bob invented Genie+.
Evil Bob Cheapek did exactly what he was promoted to do.
Then why did the Board vote unanimously to give Chapek a new 3 year contract in June 2022 only to fire him / or he was forced to step down…”Golden parachute please”…only a few months later?
What a waste of millions of dollars!
Time for Disney’s Board members to go!
Mr Chapek was CEO of Disney. As CEO I presume he oversaw all aspects of the entire company (media entertainment etc). Before that he was chief of Disney Parks. After he left Parks and became CEO, he started being criticized for the way the parks operated.
Good riddance to Chapek. He was able to trash Disney stock by 41%, destroy the morale of Cast Members, inflame a LOT of park guests, ignored the cause of losses in Disney+ and ruin Disney’s public image. Iger will have a hard time restoring the Disney Magic. I wish him good luck.
FANTASTIC NEWS! Good riddance, Bob Chapek!
Thank you Disney
It’s about time