In a stunning development at Disney, the media behemoth has given the boot to Bob Chapek, its CEO of two years. In his place, Disney has reinstated former head honcho Bob Iger as Disney CEO. The move will take place with immediate effect.
Disney made the official announcement with a press release that said, “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.”
Those who’ve followed the recent happenings at the Walt Disney Company will know that Bob Iger has been one of the most dynamic and influential CEOs in the history of Disney. Bob Iger had played an instrumental role in Disney’s acquisition of top brands such as Marvel, Pixar, LucasFilm, and 20th Century Fox. He also spearheaded the launch of Disney’s streaming service, Disney Plus.
The strategic move comes at a time when streaming wars have intensified to a crescendo, and the entertainment industry at large is in a state of flux. The Walt Disney Company has been facing huge losses in the form of del lower revenue, share price falls, controversies, and a lot more. Disney’s streaming business lost $1.5 billion in the fourth quarter. Bob Chapek has been at sea at crucial issues facing the company, including the LGBTQ issue, the legal spat with Scarlett Johansson, several Pixar movies going straight to digital release, and more.
The Walt Disney Company hopes that reinstating Bob Iger — the man with the golden touch — will reverse the recent slide at the company. Stay tuned to Binged.com for further updates on this news.