This Sunday (20), news surprised enthusiasts and professionals in the entertainment industry: Bob Iger, former CEO of Disney, voted for the position he served for fifteen years. The businessman had left the position in February 2020, when he appointed Bob Chapek, president of Disney Parks, Experiences and Productsas his successor.
Chapek, who was still in charge of the company, was ousted by Disney’s board of directors. The announcement of the change was made through a press release and it surprised everyone by the fact that Bob Chapek had recently renewed his contract – which was due to expire in early 2023 – for another three years.
Iger, who after stepping down as CEO had served as the company’s chief executive until last year, overseeing the company’s creative function, said he was excited about his return to the role.
“I am extremely optimistic about the future of this great company and thrilled by the Board’s invitation to return as its CEO. […] I am deeply honored to be asked to once again lead this remarkable team with a clear mission focused on creative excellence to inspire generations through bold and unrivaled storytelling.”
According to the announcement, Iger will serve as Disney’s CEO for an additional two years, working alongside the board in shaping the company’s strategic growth direction and helping to develop a successor to his tenure.
Two very different bobs
Bob Chapek has struggled as CEO of Disney ever since he took over from Iger.
Despite being a highly respected figure at the company, where he had already worked for over 25 years, there was enormous pressure on his management, given that the businessman was replacing a name that revitalized and transformed Disney into one of the most successful in the world.
Iger took over at Disney in 2005, replacing businessman Michael Eisner. Under his direction, the company made some of the biggest and most impressive moves in the entertainment industry, such as the acquisition of Pixar, Marvel, Lucasfilm and 21st Century Fox🇧🇷
As his replacement, however, Chapek soon faced an extremely turbulent period due to the explosion of the coronavirus pandemic. The situation had a direct impact on the company, which was forced to close parks and change its cinema distribution scheme.
Furthermore, Chapek has been criticized for a number of questionable conducts in his tenure.
Among them was the way he handled Disney’s legal situation with actress Scarlett Johansson; the delay in opposing the anti-LGBTQIA+ bill in Florida; the resignation of the president of walt disney television, Peter Rice; and even the statement in which he suggested that animated movies weren’t for adults🇧🇷
Disney+ in financial trouble
The announcement of Chapek’s departure comes just days after Disney released its fiscal 2022 fourth quarter financial report🇧🇷
The conglomerate, which remains the leader in the streaming market, having the largest number of subscribers adding its three platforms (Disney +, Star + and Hulu), is, however, facing financial problems on Disney +.
With a loss of US$ 1.5 billion, a number much higher than the US$ 0.8 billion projected for the period, the company justified its financial loss of the service as a consequence of higher production costs and marketing expenses.
In addition, according to Disney, the end of the Premier Access – feature that, for an extra fee, allowed subscribers to check movie titles on Disney+ itself –, had a major impact on profitability compared to the same period last year.
With information: The Verge🇧🇷 Engadget and TechCrunch