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Bob Iger Returns To Disney With “Gratitude”, “Humility” And “A Bit Of Amazement”

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deadline.com

Disney’s Bob Iger reached out to House of Mouse employees Sunday with the shocking news that he’s replacing Bob Chapek as chief executive, effectively immediately, noting “an incredible sense of gratitude and humility—and, I must admit, a bit of amazement.” He’s not the only one.

The tale of the two Bobs has been ongoing since Chapek surprisingly replaced Iger in early 2020 just as Covid hit, and it turned into a bit of a feud as the new CEO was said to resent the former breathing down his neck.

Some high profile missteps had Wall Streeters and industry insiders questioning Chapek’s future at the company but those voices grew more muted after Disney’s board of directors appeared to settle the question by voting in June, unanimously, to renew his original contract, which expired in February 2023, with a new three-year agreement that started July 1. “Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team,” the board led by Susan Arnold said in a statement then.

Chapek’s abrupt termination follows Disney’s below par fiscal fourth-quarter financial results hobbled by streaming losses and a period fan unrest over theme park pricing.

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