Disney sacks Bob Chapek; former CEO Bob Iger replaces him
Bob Chapek was ousted as The Walt Disney Company's chief executive officer on Sunday, getting replaced by the conglomerate's former CEO Bob Iger. Announcing the news, Disney said in a statement that the change was effective immediately. "We thank Bob Chapek for his service to Disney over his long career," Susan Arnold, chair of Disney's board, said in the statement.
Why does this story matter?
- Chapek spent two years with Disney as its CEO, during which time reports hinted at rising expenses at the company.
- And to add more to the damage, Disney's stock fell 41% this year.
- Now, Iger will work with the company for at least two years. He was with Disney for over four decades, including 15 years as its CEO.
'Deeply honored to be asked to lead again'
It was Iger who promoted Chapek as his replacement in February 2020. However, they had a falling out eventually. According to reports, Disney's board of directors decided "as the conglomerate embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead." "I am deeply honored to be asked to again lead this remarkable team...through unrivaled, bold storytelling," Iger said.
Iger will work to find his new successor
The major acquisitions of Disney were made under Iger's leadership. This includes Pixar, Marvel, Lucasfilm, and 20th Century Fox. Also, it was under Iger's leadership that Disney opened its first theme park in China, the Shanghai Disney Resort. It also launched the Disney+ and ESPN+ streaming services. Iger will work with Disney's board of directors to find a successor to lead the company.
Controversies that happened during Chapek's leadership
The pandemic was at its peak when Chapek took over as the CEO in February 2020. Last year, Chapek made the headlines by getting into a public dispute with Scarlett Johansson by releasing the movie Black Widow simultaneously in cinema halls and over OTT. Disney also had to face a lawsuit because of this debacle. Separately, Chapek has remained silent over the latest development.