Amid a global slowdown and a fall in revenues, the Walt Disney Company has announced a change in the upper hierarchy of the company. Former CEO, Robert A Iger (Bob Iger) will be returning to the company, replacing his successor Bob Chapek.
The decision was taken after Disney reported an 18 per cent decrease in revenues while operating income stood at $0.1 billion, dipping 18 per cent as well.
Susan Arnold, the board chairman announced the decision and thanked Chapek for his service.
“We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Arnold.
“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,” she added.
Chapek’s reign as the Disney CEO was as tumultuous as they come. During this year alone, Disney’s stock has fallen almost 41 per cent.
Chapek, with his more data-driven and confrontational approach, coupled with a pandemic and a global slowdown could never really fit into the job profile.
His clash with Scarlett Johansson over ‘Black Widow’ contract and feud with Disney employees over the ‘Don’t say Gay’ bill brought a lot of flak to him. The closure of Dinsey theme parks across the globe added insult to injury.
Bob Iger stepped down in 2020 after being Disney’s CEO for 15 years. Under his watch, the company grew leaps and bounds, creating a legacy which has taken a rather substantial hit in the last year or two.
It was Iger who managed to bring Pixar, Marvel, Lucasfilm and 21st-century Fox under Dinsey’s banner, granting the company a significant advantage over its rivals.
Disney’s premier product, the Marvel Cinematic Universe (MCU) has been on a shaky ride ever since Chapek stepped into the role.
Most of the movies and TV shows in MCU’s phase-4 have been hit-and-miss with the audience as many attribute it to post-phase-3 fatigue. Meanwhile, others state that Dinsey under Chapek has pushed story-telling on the backburner and is more focused on quantity over quality.
With Iger back in the role, Dinsey executives are hoping to have a reversal in fortunes.
(With inputs from agencies)
