by Thinus Ferreira
In a shocking move, Bob Chapek is out as The Walt Disney Company CEO, with former CEO Bob Iger returning to replace him after Disney's bad fourth quarter results with losses at its Disney+ video streaming service.
Bob Iger exited as Disney CEO in February 2020 after 15 years and remained Disney chairperson until the end of 2021, with the unpopular and inexperienced Bob Chapek taking over who fired top executives, fought with A-list Hollywood talent, embarrassed Disney with shocking statements and made disastrous management moves that even led to staffer walkouts.
In a stunning move by Disney, Bob Iger is now suddenly back as Disney CEO for another two years, saying in an email to Disney staffers on Sunday night that "I am deeply honoured to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling".
The Disney board, unanimously, following distrust from the industry, increasing revolt from Disney staffers, as well as rumours that Bob Chapek's days are numbered, in June this year voted to renew Bob Chapek's contract with a new 3-year contract that started on July 2022.
The Disney board in a bizarre statement then said that "Bob Chapek is the right leader at the right time for The Walt Disney Company, and the board has full confidence in him and his leadership team".
It's now clear that the Disney board lied, has decided enough is enough after another five months of Bob Chapek's bad leadership and that Bob Chapek had to go.
In a new Sunday night statement, the Disney board chairperson Susan Arnold, now suddenly said in a blunt and shocking statement "We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic".
"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."
"Bob Iger has the deep respect of Disney's senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide - all of which will allow for a seamless transition of leadership."
Bob Iger in the statement says "I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO".
"Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe - most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration."
Here is Bob Iger's email sent to Disney's 190 000 staffers worldwide on Sunday night:
"Dear Fellow Employees and Cast Members,
It is with an incredible sense of gratitude and humility - and, I must admit, a bit of amazement - that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer.
When I look at the creative success of our teams across our Studios, Disney General Entertainment, ESPN and International, the rapid growth of our streaming services, the phenomenal reimagining and rebound of our Parks, the continued great work of ABC News, and so many other achievements across our businesses, I am in awe of your accomplishments and I am excited to embark with you on many new endeavours.
I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty - perhaps especially in the face of uncertainty - our employees and Cast Members achieve the impossible.
You will be hearing more from me and your leaders tomorrow and in the weeks ahead.
In the meantime, allow me to express my deep gratitude for all that you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day.
Bob Iger"
