How quickly things change: This past June, Disney extended Bob Chapek’s contract for another three years, with board chair Susan Arnold calling Chapek “the right leader at the right time,” and saying he had the board’s “full confidence.”
In a stunning reversal, the Walt Disney Co. DIS, +0.38% announced Sunday night that Chief Executive Bob Chapek was out, and will be replaced by his predecessor, Robert Iger.
“Mr. Iger has 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 he is greatly admired by Disney employees worldwide — all of which will allow for a seamless transition of leadership,” Arnold said in the statement.
Iger announced he was stepping down as CEO in February 2020, with Disney saying at the time he would continue to “direct the company’s creative endeavors.” Earlier this month, the Wall Street Journal reported Disney’s companywide plans to cut costs, including a near ban on business travel, a hiring freeze and likely layoffs. “We are going to have to make tough and uncomfortable decisions,” Chapek reportedly said in an internal memo.
Disney shares have fallen about 10% since June, and are down 38% year to date, compared to the 5% decline this year by the Dow Jones Industrial Average DJIA, +0.59%, of which it is a component.
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