Daily Management Review

Chapek Becomes New Walt Disney C.E.O As Iger Steps Down


02/26/2020


The new development at Walt Disney leave analysts quite surprised.



The C.E.O of Walt Disney, Robert Iger to step down from his post while Bob Chapek, the head of Disney Parks will take up the role, informed the company on Tuesday, 25 February 2020. This puts a full stop to years long speculations over the next candidate to take over the “most powerful studio” in Hollywod.
 
However, Iger will still hold “significant” positions in the company as is “executive chairman” and will lead the “creative endeavors” of Disney. He will continue to work will the 31 December 2021 so as to serve his contract period. In Iger’s words:
“The company has gotten larger and more complex just in the recent 12 months”
 
In the above mentioned sentence Igerhinted towards the “purchase of 21st Century Fox and launch of direct-to-consumer services such as Disney+”. He further added:
“I felt that with the asset bases in place and with our strategy deployed I should be spending as much time as possible on the creative side of our business.”
 
Chapek will be the seventh one to serve the company in its history. He has most recently been the “chairman of Disney Parks, Experiences and Products”, who will be reporting to Iger.When Analysts were interviewed over phones, they expressed their surprise about “Kevin Mayer, chairman of Direct-to-Consumer and International” was not given the priority for the job for he had been behind rolling out of the “Disney+ streaming service” that received “10 million sign-ups in its first day”.
 
Chapek will take up his role immediately and will “directly oversee all of Disney’s business segments and corporate functions”. According to Michael Wolf, the Founder of Activate, a consultation firm,Chapek“did a great job of growing the home entertainment business and built consumer products at Disney. Bob is one of the best managers in the entertainment business. And not a lot of people know about him.”
 
On the other hand, talking about Iger’s work in Disney, Reuter added:
“Iger, who has been CEO since 2005, built up the Disney brand through a series of acquisitions, including animation studio Pixar in 2006, Marvel in 2009, and “Star Wars” franchise owner Lucasfilm in 2012. His biggest bet was the purchase of 21st Century Fox, a deal that was instrumental in launching Disney+”.
 
The shares of Disney also fell at the end of the day post the announcement of the new development.
 
 
References:
reuters.com







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