Disney CEO Bob Iger’s sudden resignation, his successor’s ability to continue his predecessor’s glory

On February 26th Disney announced that bob Iger, its chief executive, would step down with immediate effect and that the new CEO would be replaced by Bob Chapek. Bob Iger spent his entire career at Disney, according tomedia reports.

He has been CEO of Walt Disney Co. since 2005 and has been driving Disney’s acquisition of Pixar Animation, Marvel Entertainment, and “Star Wars” Lucasfilm and 21st Century Fox, respectively, in the final year of Bob Iger’s tenure, in 2019. Disney has launched a streaming service, Disney Plus.

Disney CEO Bob Iger's sudden resignation, his successor's ability to continue his predecessor's glory

Media pointed out that this is a large-scale attempt. In less than three months since disney’s launch last November, the number of registered subscribers has reached 28.6 million, an unprecedented fraction of the number of subscribers in the short period of time as Growth in Disney’s cable business slows. One analyst called it “one of the greatest product launches of all time”.

Bob Iger said in a statement that with Disney’s business coming online directly to consumers and the successful merger of 21st Century Fox, now is the best time to hand the company over to its new CEO. At last year’s Disney investor event, Bob Iger said that “2021 will be the time for his eventual retirement”. And “early retirement” allowed him to get away from the company’s day-to-day business and do more creative work.

“If I were in the company every day, I wouldn’t be able to do that. Bob Iger says, “Obviously, it takes a lot of time and very complicated to do creative work. So it’s as simple as leaving the day-to-day management of the company to Bob Chapek to directly manage all of his business and the company’s fundamentals, giving me time to focus on the creative side. “

Bob Iger also said that during his time as executive chairman, he would help Bob Chapek adjust to his ROLE as CEO as quickly as possible.

However, Disney’s shares fell nearly 3 percent in after-hours trading after news of Bob Iger stepping down as Ceo of Disney. Disney fans have also expressed disappointment at the decision, unable to imagine what Disney would look like when Bob Iger left.

“The resignation of the CEO was sudden in the eyes of some people, but we’ve been talking about it in private for months. My job is to keep the company on track at the innovation level, and that’s what I’ll focus on before I leave at the end of 2021. Bob Iger said.

Bob Iger, 69, who has been preparing his retirement plans for some time, told last year’s Disney Investor Day conference: “2021 will be the time for me to finally leave.” “He has been Disney’s chief executive since 2005. He has postponed his retirement several times in recent years, so Tuesday’s surprise announcement of his departure was a surprise.

On Tuesday, Susan Arnold, the board’s independent chief executive, said the board had unanimously chosen Bob Chapek as the new CEO after years of considering internal and external candidates.

However,media point out that streaming is one of Bob Chapek’s inexperienced businesses.

Bob Chapek is understood to have previously headed Disneyland, Experience and Products and worked for the company for 27 years. Since he took over the park business in 2015, he has led the opening of Shanghai Disneyland, the opening of a new Star Wars campus, the renovation of Disneyland projects around the world and the reform of ticket fee grading systems, with the park and resort business under his responsibility for continuous revenue and profit growth.

Can Bob Chapek, who has been in the park business, continue Bob Iger’s brilliance?

Since becoming Disney’s CEO, Bob Iger has driven a series of successful acquisitions in the content space, turning Disney into today’s super-media empire, according to public filings. During his tenure, Disney has made big acquisitions of Pixar Animation, Lucasfilm (Star Wars), Marvel Pictures and Fox Entertainment. Meanwhile, Disney’s streaming service, Disney, has nearly 30 million subscribers in the first quarter of this year, and its Shanghai Disneyland, which opened within a year, has gained 11 million visits, further expanding Disney’s global footprint.

“The biggest challenge may be how, in the future, Disney will continue to dominate the competition for new businesses and challenge strategic proactive transformation in a changing market.” Bob Chapek said.

“Bob Iger has made Disney the most respected and successful media and entertainment company, and it’s worth thinking about how to continue the company’s strategy and achieve further success. Bob Chapek said.