A new report has revealed that Bob Iger’s return to Disney began just two days before he was reinstated as CEO.
By The Wall Street Journal, Sources familiar with the firing of Bob Chapek as Disney CEO have stated that Disney’s chief financial officer, Christine McCarthy, reportedly told board members that she was unhappy with the way Chapek had communicated with investors. during the recent conference call. This resulted in Susan Arnold, who is the chairwoman of Disney’s board of directors, calling Iger on Friday, November 18, asking if she would consider running Disney again as CEO. Two days later, on Sunday, November 20, Iger was reinstated as CEO of Disney.
Although Disney’s sudden decision to drop Chapek shocked Hollywood, The Wall Street Journal’s sources say Disney executives and investors had been complaining about Chapek’s performance for months with Iger advising some of these executives to express their concerns to the company’s board of directors. It appears that Iger himself was also unimpressed with Chapek’s performance as CEO, with a recent report indicating that Iger was disappointed with Disney’s current financial situation and the plummeting share price, the latter of which rose up 6.30% when Iger’s return was announced, closing at $97.58 per Fee.
Iger returns for two years
Iger’s second term as CEO began on November 20 and is currently hired to end on December 31, 2024. During his initial 15-year tenure as CEO of Disney, Iger oversaw several major events for the company, including the acquisition of Pixar, Marvel, Lucasfilm and 21st Century Fox and the launch of its streaming service Disney+. Over the next two years, Iger will reportedly develop a “strategic direction for renewed growth” at Disney, as well as “work closely with the Board to develop a successor to lead the Company upon completion of his tenure.” His two-year contract is reportedly valued at more than $54 million, with specific bonuses being rewarded only if Iger can hit certain targets.
In a statement, Iger said he was “extremely optimistic about the future of this great company.” He continued: “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the world, especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored. to be asked to once again lead this extraordinary team, with a clear mission focused on creative excellence to inspire generations through bold and unrivaled storytelling.”
Font: The Wall Street Journal