We have some stunning breaking news, Disney Family!! In a shocking report from The Hollywood Reporter, we are learning that BOB CHAPEK IS OUT AS CEO! And, effective immediately, former Chief Executive Officer Bob Iger will be taking over The Walt Disney Company once again. Iger originally stepped down as CEO in 2020 and became , but left that role in 2021.
Just last week, Disney Dining asked how long Disney could afford to keep Bob Chapek, and, apparently, the answer was, they couldn’t. Here is more from The Hollywood Reporter:
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”
Bob Chapek took over as CEO of The Walt Disney Co. in February 2020 and his tenure has been anything but easy. Aside from dealing with Covid at the start, Chapek made many controversial decisions, and in the less than three years since his tenure began, more than 70% of people have said that Disney has “lost its magic”.
Some of Chapek’s most controversial moves include, his weeks-long silence on Florida’s “Don’t Say Gay” bill, getting rid of the popular Disney Park FastPass system and instituting the paid Genie+ system, and requiring all Guests to make a theme park reservation to visit.
Chapek’s tenure also hasn’t been great for Disney stock, which is down more than 35% this year. Most recently, Disney’s 4th quarter earnings results fell way below expectations.
While Chapek has not been popular with fans, it also appears he wasn’t popular with former Disney CEO Bob Iger either. In an earlier report, those close to Iger revealed that appointing Chapek as his successor was one of “his “worst business decisions.”
With the beloved Iger back in as CEO, it will certainly be interesting to see how Disney pivots, what changes Iger might make at the Parks and at Disney+, and what the future holds.