Bob Iger Returning as Disney CEO, Replacing Bob Chapek, Who Infamously Tangled With DeSantis
Photo by Olga Thompson/Walt Disney World Resort via Getty Images.
To quote The Who, “Meet the new boss, same as the old boss.”
Bob Iger is back at the House of Mouse once again, returning to his old gig as Walt Disney Company CEO and replacing Bob Chapek, the company announced Sunday evening.
Variety’s Cynthia Littleton called the CEO recycling “a shocking turn of events for the world’s largest media company,” but noted that the company has been “in turmoil” since the end of Iger’s original tenure in Feb. 2020. “There had been rumblings of a shakeup in the C-suite but the prospect of Iger returning to the CEO job still seemed far-fetched,” she wrote, and pointed to a recent stock price tumble as a driving factor in Chapek’s “ouster.”
Chapek also found himself a target of Florida Gov. Ron DeSantis’ (R-FL) ire over Disney’s criticism of the Parental Rights in Education bill (deemed the “Don’t Say Gay” bill by its critics), specifically regarding a memo Chapek sent to Disney employees vocally objecting to the bill after its passage.
The controversy led to DeSantis signing a bill that will eliminate the Reedy Creek Improvement District, a special taxing district governing Disney’s 25,000 acre property in Florida, on June 1, 2023. It’s far from certain how this multibillion dollar mess will sort itself out. The governor’s office has repeatedly promised some sort of solution but has yet to explain exactly how that might work, and the date for the dissolution of RCID is less than seven months away.
Legal experts have pointed out multiple seemingly strong arguments in Disney’s favor, including arguing the Florida government’s action was retaliatory in violation of free speech rights granted under the U.S. and Florida Constitutions, a provision in the Florida Statutes prohibiting any alteration to the special taxing district while outstanding bond debt exists (and it does — over a billion dollars’ worth), and other remedies under Florida law, and if the bill repealing RCID is not itself repealed in the rumored upcoming special sessions, Disney will have to file suit to preserve RCID as a legal entity that allows them to pay roughly $150 million in additional annual property taxes that fund a wide variety of construction, infrastructure, utilities, trash and recycling pickup, water and waste treatment, environmental management, fire and emergency services, building permitting, road building and maintenance, landscaping, and other functions.
In short, it’s a colossal, chaotic mess surrounding the company’s largest theme park property, and it happened totally under Chapek’s watch.
The Hollywood Reporter noted additional “controversies and distractions” while Chapek was CEO, including disputes over the pandemic-era simultaneous release of movies to theaters and streaming platforms, perhaps most notably leading to a lawsuit filed by Black Widow star Scarlett Johansson and settled in Sept. 2021. The pandemic caused major financial upheaval for Disney, throttling theme park revenues, significantly increasing costs of producing television and films, but also growing streaming subscriptions as demand for in-home entertainment skyrocketed — demand which has since slowed as pandemic restrictions have been lifted.
The Disney board confirmed the news of Iger’s return in a statement:
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
THR further reported that the board announced that Iger has agreed to serve as CEO for two years, “with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
Iger sent an email to Disney employees Sunday night expressing his “incredible sense of gratitude and humility” and “amazement” about returning to the company.
Read Iger’s full message below:
Dear Fellow Employees and Cast Members,
It is with an incredible sense of gratitude and humility—and, I must admit, a bit of amazement—that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer.
When I look at the creative success of our teams across our Studios, Disney General Entertainment, ESPN and International, the rapid growth of our streaming services, the phenomenal reimagining and rebound of our Parks, the continued great work of ABC News, and so many other achievements across our businesses, I am in awe of your accomplishments and I am excited to embark with you on many new endeavors.
I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and Cast Members achieve the impossible.
You will be hearing more from me and your leaders tomorrow and in the weeks ahead. In the meantime, allow me to express my deep gratitude for all that you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day.
Bob Iger
This is a breaking story and has been updated.
