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Bob Iger returns as Disney CEO, shares soar

Bob Iger is back.

disneysaid in a shocking announcement late Sunday that it had reappointed Iger as chief executive, effective shortly after Iger’s hand-picked successor as CEO, Bob Chapek. caught fire Against the administration of the entertainment giant.

“With an incredible sense of gratitude and humility, I must admit that I am a little surprised to hear the news tonight that I am returning to The Walt Disney Company as Chief Executive Officer,” Iger said. I write to you,” he wrote to employees in an email obtained by CNBC.

Dow component Disney shares closed 6% or more increase on monday.

The dramatic upheaval came 11 months after Iger left Disney, when Chapek The company planned to cut costswas inflating the cost of the streaming service Disney+.Earlier this month, the company’s earnings surged to Fall short of Wall Street expectationsEven the theme park business, which reported a surge in revenue, fell short of analyst expectations.

Iger’s return comes as legacy media companies grapple with a rapidly changing landscape as ad dollars dry up and consumers increasingly abandon cable subscriptions in favor of streaming.

Disney said in a release that Iger would help the company’s board develop a new successor.

Chapek was appointed chief executive in February 2020 to replace Iger, and he previously said he would not return to the role.

Disney shares have fallen about 37% so far this year. The stock hit his 52-week low on November 9th.

Iger has signed on to serve as CEO for two years, Disney said Sunday. his tenure. ”

Mr. Chapek has resigned, the company said. Shortly after Chapek took office in his 2020 COVID-19 The pandemic hit, forcing the closure of Disney’s theme parks and preventing movies from opening in theaters for some time. Did.

“We are grateful for Bob Chapek’s contributions to Disney during his long career, including through the unprecedented challenges of the pandemic,” said Susan Arnold, Disney’s chairman of the board. Stay.

Čapek signed as CEO extended earlier this yearThe company had planned a company-wide hiring freeze, cost cuts and layoffs, according to a memo obtained by CNBC earlier this month. The internal memo came to him three days after the company’s disappointing quarterly earnings call.

Iger, who was CEO of Disney for 15 years, favored Chapek as his successor.of the two eventually dropped out, and their conflict overshadowed the company’s future.Capek I kept my distance from the Eiger He made a series of decisions, including his new approach to streaming pricing for Disney+, Hulu, and ESPN+.

Eiger is a widely respected and well-liked figure at Disney. He oversaw the deal to acquire Pixar, Lucasfilm and its Star Wars assets, and Marvel. All of this has made them multi-billion dollar intellectual property giants.

Chapek, meanwhile, initially remained silent about the “not gay” law in Florida, home of the company’s Walt Disney World Resort, angering employees. It received backlash from Republican politicians, such as Ron DeSantis, for opposing it. Earlier this month, CNBC reported: Chapek kept in touch with Republican leaders in preparation for the Republican Party to take over the House.

Čapek was also criticized for him Handling Controversy Over Scarlett Johansson’s Compensation For her work in the Marvel movie Black Widow.

Chapek did not immediately respond to a request for comment.

Read Eiger’s email to Disney employees here.

Dear Employees and Cast Members,

It is with incredible gratitude and humility, and I must admit a little surprise, that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer.

The team’s creative successes across the studio, Disney General Entertainment, ESPN, and International, the rapid growth of the streaming service, the phenomenal restructuring and revival of the parks, the continued great work of ABC News, and much more. Looking at your other accomplishments across our business, I am in awe of your accomplishments and I am excited to embark on many new endeavors with you.

I know this company has asked a lot of you over the past three years and these times have certainly been very difficult but you heard what I said earlier. So, I’m an optimist. Even in the face of uncertainty, perhaps especially uncertainty, our employees and cast members achieve the impossible.

You will hear more from me and your leaders tomorrow and in the coming weeks. In the meantime, let me express my deep gratitude for all you do. Disney holds a special place in the hearts of people around the world because of you.Your dedication to this company and Disney’s mission to bring joy to people through great storytelling touches me every day. It gives me inspiration.

Bob Iger

Read the full Disney announcement here:

The Walt Disney Company (NYSE: DIS) today announced the return of Robert A. Iger as Disney’s Chief Executive Officer. After more than 40 years with the company, including 15 years as CEO, Mr. Iger has been appointed by the Board of Directors to set strategic direction for new growth and to work closely with Disney. I have agreed to serve as CEO for two years. Work with the Board to develop a successor to lead the Company upon the expiration of his term. Mr. Iger has resigned and he will replace Bob Chapek.

“We appreciate Bob Chapek’s contributions to Disney during his long career, including through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. As we embark on a period of increasingly complex industry transformation, we conclude that Bob Iger is uniquely positioned to lead the company through this critical period.”

“Mr. Iger enjoys the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his retirement as Executive Chairman 11 months ago, and is greatly admired by Disney employees around the world. It’s been celebrated. Leadership transition,” she said.

The position of Chairman of the Board remains unchanged, with Mr. Arnold serving in that position.

“I am very optimistic about the future of this great company and thrilled to be asked by the board to return to CEO,” Iger said. “Disney and its one-of-a-kind brands and franchises hold a special place in the hearts of so many people around the world, especially our employees whose dedication to this company and its mission is an inspiration. In the heart of .I was asked to once again lead this remarkable team with a clear mission focused on creative excellence to inspire generations through unparalleled and daring storytelling. .

“While serving as CEO for 15 years from 2005 to 2020, Mr. Iger has a strategic vision focused on creative excellence, technological innovation and international growth to make Disney the world’s most Disney’s unparalleled storytelling legacy through its acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox helped build it into one of the most successful and admired media and entertainment companies during his tenure as CEO. Iger continued to direct Disney’s creative efforts until stepping down as executive chairman last December. It is a testament to our leadership and vision.”

https://www.cnbc.com/2022/11/21/bob-iger-named-disney-ceo-effective-immediately.html Bob Iger returns as Disney CEO, shares soar

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