Here's the press release from Disney - BURBANK, Calif.--(BUSINESS WIRE)--The Walt Disney Company (NYSE: DIS) announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position. “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.” “Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide—all of which will allow for a seamless transition of leadership,” she said. The position of Chairman of the Board remains unchanged, with Ms. Arnold serving in that capacity. “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most 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 again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.” During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.
WOOOOOOO HOOOOOO! Yipee! Zip-a-dee-doo-dah, zip-a-dee-day! Dint Dong, the witch is dead! I know not much will change, but at least maybe all that future damage Chapek was planning can be halted. And hopefully, Iger will do a little better this time in picking a successor who Walt wouldn't have personally punched in the face.
It's amazing isn't it... Like unbelievably amazing that the thing we were all wishing for actually happened. The company is in a knot from a financial perspective and the parks have turned into a garbage experience. Hopefully this change marks a turning point. ~Joanie
So far, of all the 50th anniversary things Disney has done this year - this one is the best one yet. I don't expect any big changes anytime soon - takes a while...and I don't expect to see costs dropping anytime soon either. But putting some magic and some perks back into the experience, cleaning up and touching up, appreciating your biggest fans, and hopefully ending some of the pandemic changes that have been left in place like park reservations, no early park hopping, and reducing staff at the expense of running rides, operating restaurants and stores, and overall maintenance, entertainment, and cleanliness...those changes would at least make it feel like you're spending more to get a premium or special product. The last few years, everything related to the parks has gone downhill - cleanliness, ride maintenance, food quality, wait lines, freebies being taken away and charged for, relentless add-on charges and special access for those willing to pay even more, all while park prices and hotel prices have gone up. Give more - charge more Give less - charge less Give the same - charge a bit more All of those models are acceptable to different degrees. But the model we've had has been Give less - charge more, then charge more again - then give even less That model needs to go to the retirement home with Mr. Chapek.
True Dat. Basically going from Chapek to Iger is the equivalent of getting a life in prison sentence versus being executed... Everyday, dying slowly as you're being tortured. Disney has stopped the bleeding under Chapek. Hopefully now with the projected economic downturn Disney will start to act like they have to earn our money.
Finkel is Einhorn. Einhorn is Finkel. LACES OUT!! (Somebody please tell me that you got this reference).
You also have to keep in mind that Iger's management approach was to let each division leader run their own business vs micromanaging them. On the other hand, Chapek is a micro-manager. Much of what we have in the parks right now is a result of Chapek's tenure as chairmen of DPEP and then when he ascended to CEO, he just kept doing the same things. During his tenure, all indications are that the division chairmen (Josh DeMauro for example) were just doing what they were told by Chapek in order to keep their jobs. It's unrealistic to expect massive changes all around the parks given all the issues he has to deal with on the studio and streaming side of the business. While it's hard to see a pricing 'reduction' coming, all indications are that the rate of price increases will likely slow down. I will not be surprised to see a number of folks who have left/retired in recent year(s) returning to help 'save' things. Too much talent was lost because people just would not work for Chapek and his micro-managing, bombastic style. I've heard from 3 different sources that the giant move of Imagineering and other groups to Lake Nona is also dead as well in an effort to rebuild trust in the company.
I can't say for sure about WDW but I know while Universal has not stopped sales they have reduced marketing them since they only want to have a specific number of Passholders out there and when they approach that number they bump the price and/or stop marketing them to slow sales. Disneyland recently did the same thing. Enough people had not renewed their AP's that they slipped below their threshold to open up sales for a brief period until they hit the maximum again (very quickly) and then they stopped sales again. Every indication is that WDW hasn't lost enough Passholders to allow them to re-open sales and still stay within their threshold of the maximum number of Passholders they want to have out there. All of the park operators are trying to keep the number of annual ticket-holders to a finite number and no longer allow unlimited sales. On the Universal side, the goal is to get the Annual Pass back to being targeted at locals and stop it becoming a 'discount' card that frequent visitors purchase to save money. They are all trying to break patterns that have developed across the industry over the last couple of decades.
Agree on the difference between Iger and Chapek - letting the division heads have more control on how to implement - Chapek was clearly a micromanager and those under him likely had to follow his lead/dictate if they wanted to keep their jobs. While Iger was no Wells or Eisner, he did seem to put out ideas and let the individual teams implement and manage them. And he seemed to have just a little bit of that respect for Disney's history. Chapek was just the most unlikable human, and I don't think there was any respect for Disney 'magic' or attitude - he seemed to almost recoil when costumed characters got close to him, and we know what he thought of most long-time Disney fans and loyalists. That alone should improve things a bit.
