Major shakeup begins after Bob Iger returns to the company
Less than 24 hours after taking over as chief executive of Disney, Bob Iger said he was planning a major shakeup of the company.
His first move was the departure of Kareem Daniel, the company’s head of media and entertainment distribution.
Mr. Daniel was a close ally of the media giant’s previous boss, Bob Chapek.
On Sunday, Disney announced that Mr. Bob Iger was returning to the company as CEO less than a year after retiring.
In a letter to staff seen by the BBC, Mr. Bob Iger said: I intend to restructure things in a way that respects and respects creativity as our heart and soul.
I fundamentally believe that storytelling is what drives this company, it’s at the heart of our business as an organization, he said in an email.
He said he had commissioned a group of executives to design a new structure that puts more decision-making power back into the hands of our creative teams and rationalizes costs.
The move marks the swift unwinding of a major move by former CEO Bob Chapek.
During his first year as CEO, Mr. Chapek built Disney’s media and entertainment distribution division.
It brings together the company’s film and television sales and distribution operations and is headed by Mr. Daniel.
Iger, who led Disney for 15 years, was recalled by the company’s board to steer the company through a turbulent period as its stock price plummeted and Disney+ continued to lose money.
However, after leaving Disney, he told the New York Times in January that it was ridiculous that he might return one day.
I have been CEO for a long time, he said. You can not go home again. I am leaving, he told the newspaper.
Iger, who serves as chairman until 2021, has agreed to stay on as Disney CEO for two years, during which time he aims to find a successor to lead the company.
I am very optimistic about the future of this great company and am delighted to be asked by the board to return as CEO, said Mr. Bob Iger.
During his 15 years in charge, in addition to overseeing the launch of Disney’s streaming service, Disney Iger also promoted 21st Century Fox and Lucasfilm involving animation studio Pixar, comic book company Marvel, and Rupert Murdoch Major acquisitions of other companies. Home of Star Wars.
Shares of Disney rose more than 6 percent in New York after the announcement that Iger was returning as CEO.
Why Bob Iger’s Long Saying Goodbye to Disney Is a Big Deal
News that Disney boss Bob Iger is stepping down as the company’s CEO has taken the film world by surprise.
Since becoming CEO in 2005, Bob Iger has led the company through several blockbuster acquisitions and launched the Disney+ streaming service.
Considered by many to be the most powerful man in Hollywood, Bob Iger previously announced plans to retire only to delay his departure date.
Bob Iger will remain Disney’s executive chairman till the end of 2021.
Bob Iger will direct its creative efforts while ensuring a smooth and successful transition, the company said in a statement.
Bob Chapek, who joined Disney in 1993 and previously oversaw the company’s Parks and Products division, has been named the company’s new CEO.
Disney boss Bob Iger resigns as CEO
During Iger’s tenure as CEO, Disney took over the animation studio Pixar, comic book company Marvel, Star Wars founder Lucasfilm and Rupert Murdoch’s 21st Century Fox.
Those acquisitions, along with the launch of Disney+, the opening of amusement parks, and more, have quintupled the company’s market cap.
Of the 20 highest-grossing films of the 2010s, 13 were Disney distributions. Three of those titles have grossed more than $2bn (£1.54bn) worldwide.
The most profitable of the three is the superhero blockbuster Avengers: Endgame, which surpassed 2009’s Avatar in July 2019 to become the highest-grossing film of all time.
The Avengers surpasses Avatar at the all-time box office
Last year,Bob Iger published a memoir called “The Journey of a Lifetime, in which he wrote about the lessons he learned during his 15 years as Disney CEO.
While promoting his book, he gave his only UK interview with BBC media editor Amol Rajan, during which he reflected on his experiences and achievements.
It is good to know it’s going to be as good as it is, because I might relax a little bit, he muses when asked what advice he would give his younger self.
But then again, if I had relaxed a bit more, I probably wouldn’t have worked so hard and it probably wouldn’t have worked out. So since you can’t go back and do it anyway, I wouldn’t change a thing.
The 69-year-old also expressed pride in the number of jobs he created at Disney during his tenure as CEO.
I am so proud of what we’ve done for our employees – for our cast members as we say
Bob Iger is back as Disney CEO. Here’s everything we know so far