Home Finance News Bob Iger returns as Walt Disney CEO, Bob Chapek steps down

Bob Iger returns as Walt Disney CEO, Bob Chapek steps down

Los Angeles, Nov 21 The Walt Disney Firm has introduced that Robert A. Iger (Bob Iger) is returning to move the corporate, as Bob Chapek has stepped down as CEO amid the corporate’s plans to cut back workforce to navigate the tough world circumstances.

Iger, who left the corporate final 12 months, after spending greater than 4 a long time on the firm, together with 15 years as its CEO, has agreed to function Disney’s CEO for 2 years.

He’ll work intently with the Board in creating a successor to guide the corporate on the completion of his time period, Disney stated in an announcement late on Sunday.

“We thank Chapek for his service to Disney over his lengthy profession, together with navigating the corporate via the unprecedented challenges of the pandemic,” stated Susan Arnold, Chairman of the Board.

“The Board has concluded that as Disney embarks on an more and more advanced interval of business transformation, Bob Iger is uniquely located to guide the corporate via this pivotal interval,” she added.

The change on the prime comes as dealing with gradual income development, Disney has reportedly deliberate to cut back its workforce and freeze hiring.

In line with an inner leaked memo from Chapek, the corporate is “limiting headcount additions via a focused hiring freeze”.

The outgoing CEO additionally suggested executives to solely take obligatory enterprise travels. Digital conferences needs to be performed as typically as potential.

“I’m extraordinarily optimistic for the way forward for this nice firm and thrilled to be requested by the Board to return as its CEO,” Iger stated.

Throughout his 15 years as CEO, from 2005 to 2020, Iger helped construct Disney into one of many world’s most profitable and admired media and leisure corporations with a strategic imaginative and prescient centered on artistic excellence, technological innovation and worldwide development.

In the meantime, world revenues for The Walt Disney Firm decreased 18 per cent to $1.1 billion and working revenue dropped 18 per cent to $0.1 billion, owing to a lower in promoting income resulting from decrease common viewership, particularly in India the place there was no cricket within the September quarter.


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