Everything to know about Disney’s CEO shake-up and its effect on the entertainment giant
Bob Iger returned to the role of chief executive of the Walt Disney Co. in November 2022, replacing Bob Chapek, his hand-picked successor.
The Burbank-based entertainment giant’s board ousted Chapek after nearly three years. Chapek took over the job from Iger in early 2020, just before the COVID-19 pandemic shuttered theaters and shut down Disneyland and the company’s theme parks around the world.
After weathering the effects of the pandemic and a number of controversies, including a legal battle with “Black Widow” star Scarlett Johansson in 2021 and a public spat with Florida Gov. Ron DeSantis in spring 2022, the board extended Chapek’s contract by three years in June, citing his leadership during the pandemic.
But months later investors grew alarmed when Disney reported a $1.5-billion quarterly loss in its streaming operation and Chapek announced cost-cutting and layoffs.
Iger had a 15-year run as CEO executive before Chapek took over. Iger then moved into the role of executive chairman to help during the transition before retiring at the end of 2021.
Disney’s board moved quickly to bring Iger back because he was considering a position at another entertainment company. He is expected to serve as CEO for two years, during which he will groom a successor.