When Disney CEO Bob Iger came on at the end of 2022 in a surprising move that broke the internet and set the Disney community ablaze, many were completely shocked that former Disney CEO Bob Chapek’s then predecessor was coming back to the helm. Bob Chapek had been a particularly unpopular CEO—partly because he’d inherited the company during one of the most challenging periods the world has seen, the COVID-19 pandemic—but also because he was seemingly all about the bottom line, constantly increasing prices at the Disney Parks while the Disney Park experience deteriorated.
Chapek Out, Iger In
On November 20, 2022, the Walt Disney Company board announced that Bob Chapek had been fired, and they had negotiated with Bob Iger to come back and set the company right over the next two years. At the time, Iger was meant to have a short two-year stint. During this time, one of his main priorities was identifying and finding his successor. Along with this, he also had to reassure shareholders that Disney was a company that was still worth investing in by setting right some bad decisions Chapek and his team had made when it came to their streaming sectors.
Bob Iger is Running Out of Time
Bob Iger is certainly far more popular than his predecessor ever was, but when it comes to fixing the mess the Walt Disney Company finds itself in, popularity isn’t all that’s necessary. While Bob Iger is an incredibly capable CEO, there are some things that capability can’t fix, only time can, and Iger’s two years are insufficient.
After Iger’s return, Disney’s stock has seen some small spikes, but its overall performance is still down 3%, contrasted with the rest of the market, which had an 11% increase.
Bob Iger has taken some hard decisions, announcing 7000-person layoffs, including firing some of the biggest names at the company. He has promised shareholders that he will prioritize making Disney’s streaming service profitable. His actions prove that he has been taking steps to ensure this happens while also working on making the theme park experience better for Guests once again.
As The Motley Fool reports, extending Iger’s contract won’t be either a criticism of his actions or an admission that he failed. Rather it will be the acknowledgment that two short years were never enough to fix what had gone wrong with the Walt Disney Company, even for someone as accomplished as Bob Iger.
