“Bad, Bob!” After Disney stock drops 40% in a year, Bob Iger replaces Bob Chapek as CEO

“Bad, Bob!” After Disney stock drops 40% in a year, Bob Iger replaces Bob Chapek as CEO

After stepping down in February 2020 and putting Bob Chapek in control of the corporation, Bob Iger has returned as Disney’s CEO. Disney executives and the rest of the entertainment business were stunned by the news, which was released late Sunday evening (November 20).

According to Variety, Susan Arnold, chairperson of Disney’s board of directors, stated in a statement, “We congratulate Bob Chapek for his dedication to Disney over his lengthy career, which included guiding the company through the extraordinary challenges of the epidemic.” “The Board has determined that, as Disney enters a time of increasingly complex industry upheaval, Bob Iger is ideally positioned to lead the Company through this crucial moment.”

This morning, the business’s stock jumped 8% to $91.80 a share after the company reported the lowest number of shares in over two years earlier this month.

Iger, who served as a Disney executive for more than three decades, succeeded Michael Eisner as chief executive officer in 2005. Chapek assumed leadership in February 2020, just as COVID-19 was quickly spreading around the globe.

Throughout his term as CEO, Chapek has faced with a number of scandals. Earlier this year, he was required to deliver a public apology for the company’s links to donations associated with Florida’s anti-LGBTQ+ legislation.

The corporation extended Chapek’s contract for three years in June, making Iger’s return as CEO all the more surprise.

According to Variety, Iger stated, “I am incredibly excited about the future of this wonderful company and happy to have been invited to return as its CEO.” “Disney and its unparalleled brands and franchises occupy a special place in the hearts of so many people throughout the world, particularly in the hearts of our workers, whose commitment to this organization and its goal is an inspiration.”

He stated, “I am very delighted to be invited to once again head this great team, whose aim is to inspire generations via unequaled, daring storytelling by focusing on creative quality.”

»“Bad, Bob!” After Disney stock drops 40% in a year, Bob Iger replaces Bob Chapek as CEO«

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