Bob Iger Steps Down as CEO, Chapek to Succeed Iger as CEO

[jphcoffeeboy]

What a Mardi Gras buzzkill. Time to get out the sackcloth and ashes.

 

[Brianstl]

If anything, the coronavirus impact would be a reason to not announce a change of CEO. It would ensure investors that the guy who has guided great growth over past 20 years would see Disney through this. Something happened in the last couple of days that forced this decision to be announced now. Either Iger is sick or there is some big issues somewhere outside of Disney Parks, Experiences and Products that we don't know about at this time.

 

[MommaBerd]

From investor call: Iger wants to focus on creative and let Chapek run the business side. He didn’t have time to do both

 

[Future_WorldPhonencian]

Hopefully Iger's taking over the creative aspects will shore up the current creative shortcomings. Chapek is seen more as a money guy, maybe this will be a good thing.

 

[crazy4wdw]

Interesting.....the annual meeting of Disney shareholders is coming up in about two weeks.

 

[MommaBerd]

Iger’s intention is “to spend time on all our creative endeavors” across all platforms

 

[Brianstl]

Chapek will still report to Iger. So there is some good news out of this I guess.

This taken from one of the news articles online

"Chapek will report to Iger, and the Board of Directors and will be appointed to the Board at a later date."

That is the type of thing you say to reassure investors. If Chapek is getting the title he is getting all the power that comes with it. Chapek isn't reporting to Iger. He will report to the board and run the company day to day with the same power Iger had.

 

[SaintsManiac]

What a Mardi Gras buzzkill. Time to get out the sackcloth and ashes.

Didn’t know my Bloody Mary was a farewell to Iger drink!

 

[ChipnDale79]

i see the corporate greed increasing tenfold in disney's near future.

 

[rteetz]

It is interesting to me that there was no big rumors of changes coming. The fact Chapek has no film/TV background is also very interesting. Kevin Meyer would've been my first thought.

Now who will lead Parks and resorts?

Lets also not forget Iger is not leaving tomorrow.

 

[0FF TO NEVERLAND]

Iger’s intention is “to spend time on all our creative endeavors” across all platforms

wish someone else would take care of that aspect.

 

[TwoMisfits]

They probably know they have an ugly quarter or two coming...it's inevitable at this point. So, Iger gets out on top, Disney appoints the "guy to weather the storm" for now - thus a business guy...and when the rough patch that is coming starts to lift, they make a 2nd change.

No point tainting the "desired" guy with what's coming this year...

EDIT To Add: And stock was gonna drop anyway...so you do it when it won't really matter to the stock price...

 

[Mome Rath]

I really thought he would want to be CEO for the 50th... I was wrong.

 

[AvidDisReader]

Always wonder about the story behind the story. Why now? Maybe Disney was on top and there was nowhere to go but down, so hand it over while everything is looking good???? But Chapek, the Bean Counter???? This feels like a real gut punch.

 

[AggieDizzer]

What a crazy turn of events. If they were so gung-ho on Chapek, as the press release from the board would indicate, why did they repeatedly extend Iger instead of promoting Chapek years ago? What has changed? I also wondered if there's some political motivation here, perhaps a late Presidential or Vice-presidential run, but I don't see Iger as having the temperament to jump into the political meat-grinder. He just seems like such a classy guy. And politicians...well...not so much? Anyway he's definitely earned the right to step down on his terms. I'm glad he's still involved in the company at some level but will miss him as CEO.

 

[The Pho]

I really thought he would want to be CEO for the 50th... I was wrong.

Iger was rather indifferent towards the parks, it wasn’t a real milestone for him.

 

[Brianstl]

i see the corporate greed increasing tenfold in disney's near future.

Chapek ran the parks how Iger wanted him to run the parks. I'm not a Chapek fan, but a large chunk of the heat he has took over the last few years probably would have been better directed at Iger. Chapek's job was execute Iger's plan.

 

[rteetz]

I really thought he would want to be CEO for the 50th... I was wrong.

Still chairman, also Disney as a company isn't defined by the 50th anniversary of WDW. They have much bigger things to look at. They made 11 billion at the box office last year for example.

 

[MommaBerd]

Not really any other “news” on the investor call. My DH suggested that maybe Iger is just really exhausted and facing the challenges, particularly from Coronavirus, they decided it was a good time to begin the transition.

 

[rteetz]

Chapek ran the parks how Iger wanted him to run the parks. I'm not a Chapek fan, but a large chunk of the heat he has took over the last few years probably would have been better directed at Iger. Chapek's job was execute Iger's plan.

Yes and no, Chapek still has some control over what gets through to be presents to Iger and the board. Iger doesn't oversee everything happening at parks and resorts.