According to a report on CNBC, The Walt Disney Board was in discussions with Bob Iger on Friday evening about coming back as CEO. A deal was reached last night. At that point, Chapek was notified of the decision, but not until moments before the announcement went public on Sunday.
CNBC’s David Faber reported on Monday that the board became concerned after the company reported its fourth-quarter earnings report earlier this month.
Although the board has identified some internal candidates that might be able to assume the CEO position, they felt that they “didn’t want to put someone new in that position given all various pressures on the company.”
Faber said that the board felt that they didn’t have many choices at this point and it came together pretty quickly. They had previous concerns but they were accelerated after this most recent earnings call. Last night, Susan Arnold made it clear to Chapek that he was out.
“It was not a well-received report,” said Faber. “The conference call was not well thought of. The losses of Direct to Consumer (DTC) losses obviously have grown. Even though the promise to be profitable by [the] fiscal year ’24 remains.”
With Iger’s return, the Board’s goal is to stabilize the Company and give some “hope and optimism to the organization.”
Earlier, we reported that as the markets opened up, the Disney stock [$DIS] soared as investors and fans alike cheered Iger’s unexpected return.
Check out our continuing coverage of the return of Bob Iger as CEO of The Walt Disney Company:
- Disney Stock Soars Back Over $100 as Bob Iger Returns as CEO
- The Walt Disney Company Issues Statement on the Firing of Bob Chapek
- BREAKING: Bob Chapek Fired, Bob Iger Returning as Disney CEO
What are your thoughts on the return of Bob Iger? Let us know in the comments below.
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Source: CNBC
Hope that Magical Express and Airline check
at resort will be restored .
I could not be happier! I, too, look forward to the return of hope and optimism within the company.
Good…now take McCarthy with you
Thank you, Thank you
A GIANT STEP in the right direction. Now restore Magical Express. A perk that makes a difference in visiting Disney World or not.
One can only hope this brings Walt’s spirit back to Disney, and shareholders can start receiving dividends, which ended with the pandemic, although management received their 10-20Million dollar “compensation”
Walt always said Disneyland/World would always be affordable, he must be on a rotisserie pit the last few years, especially with the Reedy Creek plug being pulled.
Mr Iger, please clear this up and bring back the Disney magic for guests and cast members!
Good riddance!
Disney has priced the Theme Parks out of the majority of the populations reach.
May it die a slow death.
Thank God for Chapek gone. Disney needs to rethink reservation problems. UNIVERSAL has no reservations and is thriving always crowded but so good to be able to just show up when you want to. Disney is missing out do to reservation requirements. Can’t count number of times no reservation available. Pandemic over so no need to limit guests.
Chapek front ran trades….caused stock to drop almost 100 pts over his time as CEO. Arnold wanted to adjust situation just not soon enough. Plus he thinks he’s a real estate developer! Protected himself & avoided annual shareholder meeting. Dont need a bean counter, need someone who LOVES Disney!
Our family is so happy Bob Iger is back. We know he will make Disney World once again the most magical place on earth. He needs to touch base with the Disney travelers and bring back the services and magic we have enjoyed.
It’s about time they got rid of Chapek!! He didn’t do Disney any favors!!