Ex-Disney CEO Bob Iger makes shock RETURN to entertainment giant, as his successor Bob Chapek quits

Bob Iger has returned as CEO of The Walt Disney Company.

The company announced Iger’s reappointment on Sunday evening, ending the 11-month reign of Bob Chapek, the exec’s hand-picked successor and longtime lieutenant.

The shake-up comes as an abrupt return to power for Iger, who had served as Disney’s chief executive for more than 15 years before stepping down 11 months ago.

Iger, 71, had long pinned Chapek as his successor and handed him the keys to his kingdom in February – despite a slew of false starts that saw him continue to run the company for more than two years after he aired plans to retire – reportedly to the frustration of a waiting Chapek.

At the time, Iger, who sparked celebrity on his way out by speaking out strongly against Florida’s so-called Don’t Say Gay law, claimed his retirement was permanent and he wouldn’t be returning to the role.

Now it seems those words were somewhat idiosyncratic, with Iger once again taking the reins. It comes as the company has seen its share price fall under Chapek, who earned a total salary of $26 million in 2021.

The company’s poor performance under Chapek is due to several factors — most notably his mishandling and subsequent support of the bill, which restricts LGBTQ discussion in Florida schools for students in third grade and below.

Iger has worked for Disney for over four decades, 15 of them in the company’s hot seat – which is now hotter than ever.

Susan Arnold, chairman of the board, said in a statement: “We thank Bob Chapek for his services to Disney throughout his long career, including navigating the company through the unprecedented challenges of the pandemic.

“The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this critical period.

‘Mr. Iger enjoys 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 is greatly admired by Disney employees around the world – all of which will ensure a seamless leadership transition. enable. .’

Former Disney CEO Bob Chapek said he initially chose not to speak out against Florida’s Don’t Say Gay law to balance the needs of customers and employees

She added that Iger’s career with the entertainment giant from 2005 has helped Disney become “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.”

Chapek had already been in hot water last spring when he failed to take a public stand on Ron DeSantis’ Don’t Say Gay law, which banned schools from discussing sexuality or gender with children between kindergarten and third grade.

According to an internal memo circulated at the time, Chapek felt the company could better advocate for inclusivity through its content and by working behind the scenes with lawmakers.

The memo’s revelations were met with outrage from Disney employees, who called Chapek’s decision weak and disappointing. Chapek later apologized in March, publicly condemned the bill, and announced that Disney had cut all of its political donations in Florida.

Chapek explained that he wanted Disney to be a brand that could “rise above” the political strife and serve as a beacon of optimism and harmony in the world.

“What we’re trying to do is be everything to everyone,” Chapek said at the time. “That’s often very difficult because we’re The Walt Disney Company.”

Shares of Disney are down about 41% year-to-date from Friday’s close. The stock hit a 52-week low on Nov. 9

“We certainly don’t want to get caught up in political subterfuge, but at the same time we also realize that we want to represent a better future for all types of families, regardless of how they define themselves,” he said.

After Chapek announced the cessation of political donations in Florida in his apology, Florida Governor Ron DeSantis responded by initiating the legislative process to remove Disney’s special destination status – known as the Reedy Creek Improvement District.

Reedy Creek includes Disney World and surrounding properties. Disney and the Florida government established it as an independent jurisdiction 55 years ago, allowing Disney to operate as a county government does. It is run by a board selected by Disney and other land-based companies.

After DeSantis’s sudden decision, residents of surrounding counties who would absorb Reedy Creek’s debt sued the government,

But Disney quickly hit back at DeSantis, saying there is a clause in the original contract stipulating that state or local governments will be responsible for the $1 billion bond debt when it is dissolved.

Chapek landed in hot water last spring when he took no public stand on Ron DeSantis’ Don’t Say Gay law, which banned schools from discussing sexuality or gender with children between kindergarten and third grade