Bob Iger makes shock Disney comeback
Ex-Disney boss Bob Iger has made a dramatic comeback as the media giant continues to grapple with inflationary pressure and growing competition.
The businessman will take the reins from Bob Chapek, who took over as chief executive in February 2020, hoping to lead the iconic brand to a digital future.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said chairman of the Disney board Susan Arnold in a statement on Sunday.
Meanwhile, Iger, who spent more than four decades at the company, including 15 years as its CEO, has agreed to serve as the firm’s top dog for two more years.
The Disney chairman said that Iger was “uniquely situated” to help the media titan navigate the “increasingly complex period of industry transformation”.
Iger was notably the man behind Disney’s acquisition of the Marvel film franchise, as well as the Star Wars films series.
Shares are down over 40 per cent in the year to date for Disney, with the company’s fourth quarter profit and key revenue segments falling short of expectations earlier this month, with heavy investment in its streaming service Disney+ cutting into margins.
Tech analyst at PP Foresight Paolo Pescatore said the return of Iger was a “huge surprise and completely unexpected”.
In fact, he told the New York Times in January that it would be “ridiculous” for him to return.
“I was CEO for a long time,” Iger said. “You can’t go home again. I’m gone,” he told the newspaper.
However, Pescatore explained that the change of heart underlines the state of the streaming landscape, as well as the “challenges faced by all traditional media companies pivoting towards this new world.
Disney shares jumped over 10 per cent following the news.