To attempt to cease the disaster, Disney dismisses CEO and brings again the earlier one

To attempt to cease the disaster, Disney dismisses CEO and brings again the earlier one

Retired for two years, Bog Iger quintupled the company’s market value in the 15 years he led it

Just over a week after announcing a company-wide cost-cutting campaign, including a hiring freeze, walt disney today fired its CEO Bob Chapek and announced that is bringing back Bob Iger to take back the reins. The world’s largest media company said in a statement that the decision was effective immediately.

“We are grateful to Bob Chapek for his service to Disney throughout his long career,” said Susan Arnold, chairman of Disney. The board understands that, as the conglomerate “embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead.”

Chapek was chief executive for two years, during which time Wall Street raised concerns about rising company expenses. This year alone, the stock has dropped 41%🇧🇷

Already Iger, who commanded the giant for 15 years, quintupled Disney’s market value in the period. It was Iger himself who promoted Chapek as his replacement in 2020, but the relationship between the two strained soon after.

“I am deeply honored to be asked to lead this extraordinary team again,” said Iger, who has led Disney through the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox, and the launch of Disney+ and ESPN+.

The entertainment giant shocked investors two weeks ago when it released lower-than-expected quarterly sales and earnings data, with two of its main businesses – streaming and theme parks – reporting disappointing results.

Source: O Globo Agency

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