In March, he was forced to apologize for his silence on Florida’s controversial bill after initially declining to comment on it. That, in particular, was a flashpoint for Chapek’s stint at Disney. Chapek, who served as chairman of Disney Parks, Experiences and Products before taking over for Iger, found himself dealing with issues regarding pay with Scarlett Johansson, one of the company’s biggest stars, as well as Disney’s battles with Florida, and its own employees, regarding the state’s controversial bill restricting certain LGBTQ topics in the classroom. That report sent Disney’s stock tumbling after a year of sluggish-to-bad performance.Ĭhapek guided Disney through the pandemic, one of the most tumultuous periods in the company’s nearly 100-year history, but ultimately Disney decided that its future was in better hands with Iger.Īway from the pandemic, Chapek had a short but bumpy tenure as the head of Disney. Disney’s streaming business lost $1.5 billion in the fourth quarter. The company is coming off a lackluster earnings report that showed growth for its streaming endeavors. The announcement, while surprising to the media industry, comes at a time of great evolution for Disney. Investors cheered the news, sending Disney shares up 9% Monday after the stock has lost roughly 36% of its value this year. “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.” “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. It’s a shocking development at Hollywood’s biggest company.īob Chapek, who replaced Iger in 2020 as CEO, is stepping down immediately. Bob Iger, one of the most successful CEOs in the history of The Walt Disney Company, is returning to once again run the media empire.
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