Disney in a surprise announcement said this week that Robert A. Iger who was the former CEO will be returning to that job. Mr. Iger spent more than four decades at Disney. He was at the helm of the studio for 15 years. He will serve a two-year term and is being brought in after the departure of 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,” a press release noted.
According to the BBC, Disney recently said that it added more than 12 million subscribers to its streaming platform, Disney+ over the past three months.
But that has come at a heavy price for the corporation which invested a hefty $1.5bn on content.
Outgoing Chief executive Bob Chapek had aimed to reassure his critics by saying that the platform would become profitable in 2024.
“We believe we are on a path to a profitable streaming business, assuming that we do not see a meaningful shift in the economic climate,” he was quoted as saying by the BBC, on a call where he discuss the firm’s results.
Disney has bet big on streaming. The transformation has seen the corporation rebuild itself as a streaming company.
It reportedly has an impressive 235 million subscriptions across Disney+, ESPN+ and Hulu.
But it has cost a lot of money and now a CEO.
Some news reports of Iger’s return:
CNN has an interview with Bob Iger about some controversial issues that he leaned in on…