Over the last month since Iger’s takeover of the mantle of CEO at the Walt Disney Company, more evidence has been coming to light about the realities behind the change. The latest report says that on his return, Iger’s top priority will be a solid succession plan to ensure what happened with Chapek doesn’t happen a second time.
Even though prior to his official appointment as Disney’s CEO, Chapek was considered Bob Iger’s protegé, Iger has gone on record and stated Chapek’s appointment was one of his worst business decisions. Chapek helmed Disney during some of the most public controversies the company has seen, including the Parental Rights in Education or “Don’t Say Gay” bill, the Reedy Creek Improvement Act, and a steep increase in Guest reports of dissatisfaction with the Parks.
However, the biggest news of 2022 has remained Bob Chapek being ousted from his position as Disney CEO and Iger’s return to the helm. As the weeks pass, more evidence has been coming to light about the change; another report from Business Insider adds context again.
Disney CEO Iger’s return cut short Bob Chapek’s tenure as CEO of the Walt Disney Company, who had spent less than three years in the role. We reported that Disney executives had complained to the company’s board about Chapek’s leadership.
Chapek’s mistakes were many. The Mouse House reported a $1.5 billion loss in its streaming business during their November 8 earnings call. Guests had complained repeatedly about price increases at the Theme Parks. Employees protested over Disney’s reluctance to take a strong stance against Florida’s “Don’t Say Gay” law. If this weren’t enough, Chapek had also alienated creative execs and Hollywood by taking content budgets away from creative execs at Disney and releasing movies on streaming and theaters simultaneously, causing the incredibly public spat with Scarlett Johansson.
Considering the success of Iger’s previous choice of successor, Insider postulates that the current CEO’s top priority will be finding someone to take the helm after his contract ends.
As the article states,
Iger’s return reassured employees who were familiar with the Disney vet but also drew criticism, considering his previous remit as CEO included finding and grooming his replacement. So the pressure’s on for him to carry through on that task before his two-year contract is up.
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