(OPINION) The Walt Disney Company, known for its iconic entertainment brands, announced a massive strategic shift Sunday night, with former chief executive Bob Iger returning to the role he left in 2020.
Iger, who is coming out of retirement after serving as CEO from 2005 to 2020 and executive chairman until his 2021 retirement, will replace Bob Chapek, the chief executive officer who succeeded him just two years ago.
The stunning development comes as Disney, once an overwhelmingly trusted brand for kids’ content, has been in the culture war crosshairs.
Disney announced Sunday night Chapek had stepped down and Iger was stepping back up for a two-year role — a move that shocked industry observers. The company’s board said Iger is uniquely positioned to help navigate Disney through difficult contemporary terrain.
“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,” board Chair Susan Arnold said of the shock move.
Arnold anticipates a “seamless transition of leadership,” considering Iger’s past connections with Disney leadership. And keeping in mind he left less than a year ago, these relationships are still fresh.
The leadership shakeup comes after Disney showed a lower fourth quarter than expected, with stocks dropping more than 40% this year. Shares hit a 20-year low after the fourth-quarter report.
Chapek, for his part, had a rocky tenure. He was forced to deal with COVID-19 shutdowns, among other challenges. Among those issues, Christians and parent groups have been protesting and pushing back against increasing LGBTQ themes in Disney’s content. (READ MORE)
