Disney Leadership Steps Down After Years of Bob Iger Failure

Disney just lost a key member of its leadership, and CEO Bob Iger may once again face rebellion in the Mouse House.

Credit: Edited by Inside the Magic

Bob Iger returned to The Walt Disney Company in 2022 after years of sustained success as the chief executive officer of the world’s most iconic entertainment corporation. Under his watch, the company had acquired blockbuster franchises like Star Wars and the Marvel Cinematic Universe, spending billions of dollars to acquire Pixar, Lucasfilm, Marvel, and Fox. The gamble paid off with colossal box office grosses, at least for a while.

The CEO opened the Hong Kong Disneyland Resort and Shanghai Disney Resorts, building a crucial theme park foothold in Asia, and spearheaded an ambitious switch to streaming content in the form of Disney+. Eventually, Bob Iger stepped down to make room for Bob Chapek, although reportedly, the executive did not find it easy to cede leadership of the company to someone else.

Credit: Disney

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Bob Iger returned to lead the Mouse after Bob Chapek was ousted by Disney’s board of directors, but things have been anything but smooth since then. Revenue is down across nearly every branch of the company, Disney+ is losing billions of dollars every quarter, and the Mouse can’t seem to stay out of the crosshairs of conservative politicians who need a talking point.

The Disney CEO has already faced one attempted ousting by billionaire Nelson Peltz, who tried to seize seats on the board of directors, blaming Iger for the company’s struggling finances. Iger managed to keep his control over the board, but now, a key ally on the board has abruptly left the company, signaling the CEO’s dwindling authority.

Credit: Oracle Corporation

Safra Catz has quit the Disney board of directors after six years, giving no clear reason why she has departed. Disney’s official press release does not clarify anything. Bob Iger’s statement reads:

“Throughout her tenure on Disney’s Board of Directors, Safra has provided invaluable insight that has helped shape the company’s long-term strategic planning amid a rapidly changing technological landscape that affects our businesses. Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”

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Safra Catz released her own statement:

“I’ve been honored to serve on Disney’s Board, and I am especially proud of the work we’ve done to fortify the company’s unparalleled strengths and continue its rich legacy of innovation. As I leave the Board today, I am grateful to have had the opportunity to work with Bob and his talented leadership team, and the accomplished members of the Disney Board. I wish the company and its employees every success in the future.”

Safra Catz is the CEO of the Oracle Corporation, the third-largest software company on the planet. Notably, the company has been repeatedly investigated for international law violations and has been accused of corruption by both the FBI and the SEC.

Regardless of the reasons for Safra Catz’s departure from the Disney board, the 12-person body is now down to 11, a potentially momentous change in voting dynamics. While Iger might be the public face of Disney leadership, the board has the ability to remove him or curtail his ability to guide the company, and he has just lost a key ally. After years of faltering, this is not a good sign for the CEO.

Do you think that Bob Iger is losing support at Disney?