Disney4me Posted November 21, 2022 Report Share Posted November 21, 2022 Bob Iger has taken over as CEO of The Walt Disney Company (again) after it was announced that Bob Chapek would no longer fill the role. ©CNBC The news was about as stunning as Iger’s initial announcement that he would be stepping down in early 2020, just weeks before the COVID-19 pandemic would force Disney to halt theme park operations. The company’s Board of Directors had voted earlier in 2022 to extend Chapek’s by three years — after the then-CEO had already faced criticism for price increases in the parks, Annual Pass program changes, and even his political decisions regarding Disney’s response to Florida’s Parental Rights in Education (or “Don’t Say Gay” per critics) law. So, why was the decision to replace Chapek with Iger made now, and why so (seemingly) sudden? The recent announcement that Bob Iger would be replacing Bob Chapek as Chief Executive Officer of The Walt Disney Company seemingly came out of nowhere — and now we know why. According to CNBC’s David Faber, Disney’s Board of Directors reached out to Iger on Friday about the position. ©Reuters Faber went on to say that the Board didn’t really have any other serious candidates in mind to replace Chapek, and that he was notified of the decision on Sunday night — the same night Disney announced the change. ©Disney Concerns were growing not only from fans, but from the Board and investors after Disney’s most recent quarterly earnings report. The company reported a 9% increase in revenues for the quarter and 23% for the year, while Disney Parks, Experiences and Products saw a 26% increase. Disney+ continues to add subscribers, though it is not expected to be profitable until 2024. Disney CEO Bob Chapek in Disney World on its 50th Anniversary Despite this, though, Disney reported $1.5 billion in quarterly losses and revenues missed expectations according to the New York Times. Later, Chapek announced via an internal memo that Disney would cut costs with layoffs and hiring freezes. This news did not sit well with the Board and shareholders per Faber, so the decision was made to replace Chapek. ©Alberto E. Rodriguez / Getty Images Other internal candidates were named as potential options for the job, though the Board ultimately decided not to put someone new in charge “given all various pressures on the company.” After the Iger announcement was made, Disney stock rose by about 9% at the market open on Monday morning. ©Yahoo Finance What Iger’s first move as newly-returned CEO will be remains to be seen, but we’ll continue to update you on this developing story. For more on Bob Chapek and Bob Iger, check out our posts below: Bob Iger Is Back as Disney CEO Following Bob Chapek Exit Disney Stock Values Jump Following News About Bob Iger’s Return as CEO Bob Chapek Says Disney Parks Demand Still Outpaces Capacity Bob Iger Reportedly Regrets Picking Bob Chapek as Successor Stay tuned to DFB for more Disney news. A Timeline of Bob Chapek’s Financial Decisions with The Walt Disney Company Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe! Don't Miss Out on Any Disney Fun! Pre-Order Your Copy of the 2023 DFB Guide to Walt Disney World Dining Today! With more than 750 pages, the 2023 DFB Guide to Walt Disney World Dining is full of tips and planning tools developed by Disney World experts over 30+ years of visits. We've done the research for you, so you'll know just which spots will uniquely suit your family's needs! With mini-reviews of every single restaurant, bar, lounge, kiosk and more; an entire chapter on the best snacks in Disney World; full Disney Dining Plan analysis (and how to get FREE dining); and a full chapter on discounts and deals; you'll have everything you need to plan your best vacation yet. Click here to pre-order your copy of the 2023 DFB Guide to Walt Disney World Dining E-book with code WDW2023 to save 25% off the cover price today! Use code WDW2023 at check-out for 25% off the cover price today! http://www.disneyfoodblog.com/wp-content/uploads/2016/11/ready-to-shop-button.png Our guides are backed by a 100% money-back guarantee, so you have nothing to lose. What do you think of this recent change? Let us know in the comments!The post Why Disney Replaced Bob Chapek With Bob Iger first appeared on the disney food blog.View the full article Quote Link to comment Share on other sites More sharing options...
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