Bob Chapek is officially out as the CEO of the Walt Disney Company, and former Disney CEO Bob Iger will be returning to the role, effective immediately.
News hot off the press, it’s been announced that current Disney CEO, the infamous and controversial Bob Chapek is no longer the CEO of the Walt Disney Company and will be replaced by his predecessor Bob Iger. As reported by CNBC, the Walt Disney Company will no longer be managed by former Disney CEO Bob Chapek, who came under fire for his “his management of the entertainment giant.”
All Disney fans are well aware of the controversy that surrounds Bob Chapek. Chapek is known to have overseen many decisions that have kept Disney Guests and Disney fans unhappy since he took on the mantle of CEO. Under Chapek’s tenure as the CEO of the Walt Disney Company, Disney has seen multiple price rises from the cost of the Annual Passes, to the increase in the prices of tickets to the Parks, to merchandise costs. However, all the while fans have been noting that the Disney magic is disappearing and the Disney Parks simply do not provide the same Disney experience they once did.
Particularly noteworthy was Disney’s recent release of its Q4 and earnings report. While the reports detailed how the Disney Parks outperformed the previous year (during the Covid-19 pandemic) by a large margin, it also underperformed Wall Street’s expectations.
Per the press release from Disney, “Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.”
In addition to this, the Chairman of the Board, Susan Arnold also gave a 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.”
Iger himself also added a few words to the official press release, saying, “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. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
This shocking turn of events comes after multiple demands and petitions from fans to see the former Disney CEO gone. In fact, even earlier this year at the D23 Expo event in Anaheim, Southern California, fans cheered louder for Bob Iger and actively booed the former CEO, Chapek. It also comes after what has turned out to be a prophetic remark from CNBC analyst Jim Cramer.
Only time will tell what the future holds for the Walt Disney Company, but this is certainly a decision that has swept, and will continue to create waves, in the Disney community.
We at Disney Fanatic will continue to report on all Disney news as it comes to light.