- Push-out Score determined
- After less than three years in the position
- Praise and thanks for Chapek
- Bob Iger taking over
(exechange) — Burbank, California, November 20, 2022 — Bob Chapek, chief executive of Disney, leaves his position. As announced by Walt Disney Co. in a news release on Sunday, November 20, 2022, Robert (Bob) Chapek leaves his post as chief executive officer at the mass media and entertainment conglomerate, after less than three years in the role, effective immediately.
Bob Chapek’s duties as CEO will be taken over by Robert A. (Bob) Iger, a former Chief Executive Officer at Walt Disney Co.
“Increasingly complex period of industry transformation”
Disney did not give an explicit reason for Bob Chapek’s departure from the CEO post. Susan Arnold, Chairman of the Board, said: “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.”
“Focused on creative excellence”
Bob Iger said: “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
Iger was appointed Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. In February 2020, he assumed the role of Executive Chairman and directed the company’s creative endeavors until his retirement in December 2021.
Precise information regarding Bob Chapek’s future plans was not immediately available.
Disney said: “Mr. Iger succeeds Bob Chapek, who has stepped down from his position.”
Share price decline since November 2021
The announcement follows a decline in Walt Disney Co.’s share price of 46% since November 2021.
In the position of CEO since 2020
Bob Chapek became CEO of the Company in 2020.
Bob Chapek was Chief Executive Officer of The Walt Disney Company, one of the world’s largest media and entertainment companies and home to some of the most respected and beloved brands around the globe, including Disney, Pixar, Marvel, Star Wars, ESPN and National Geographic.
Chapek assumed the role of CEO in February 2020 and successfully led the Company through the global COVID-19 pandemic and the ongoing recovery.
Chapek’s nearly three decades at Disney have been marked by growth and transformation. A visionary leader, he has championed using creativity and cutting-edge technology to drive expansion and improve the guest and consumer experience, developed and successfully implemented groundbreaking business models, and identified new revenue streams to achieve business objectives and sustain long-term growth.
Setting the stage for Disney’s second century, Chapek established three fundamental pillars of his strategic vision as the Company’s chief executive: storytelling excellence, innovation and audience focus.
Under his leadership and executing against these priorities, the Company strategically realigned its media and entertainment divisions, streamlining and enhancing its best-in-class content production from its film studios, general entertainment brands, sports group and international creators, while centralizing distribution and commercialization activities; continued to expand the scale and global reach of its streaming services, Disney+, ESPN+, Hulu and Hotstar; made transformative changes to its parks and resorts worldwide, including improving the overall Guest experience with new tools to customize and personalize visits; and is leveraging new and innovative technologies to bring stories to life in more immersive and impactful ways.
Before becoming the 7th CEO in Disney’s 100-year history, Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018.
Prior to that he was Chairman of Walt Disney Parks and Resorts since 2015.
During his tenure, Disney Parks saw the largest investment and expansion in its sixty-year history, including the successful opening of Shanghai Disney Resort; nearly doubling the Disney Cruise Line fleet; introducing the most technologically advanced and immersive lands in the parks’ history, Star Wars: Galaxy’s Edge at Disneyland Resort and Walt Disney World Resort; the growth of Marvel-inspired attractions across the globe; and one of the most ambitious development projects at Disneyland Paris since the park first opened.
Chapek served previously as head of Disney Consumer Products, where he led a period of important transformation in the worlds of play, storytelling and learning; as president of Distribution for The Walt Disney Studios, where he managed the Company’s film content distribution strategy across multiple platforms; and, as president of Walt Disney Studios Home Entertainment, where he led the organization to record-setting performances and played a key role in the commercialization of the Studio’s film business.
Throughout his decades-long tenure at Disney, Chapek has made enhancing the employee experience a top priority, and he’s driven initiatives and programs related to education, healthcare, childcare, diversity, equity and inclusion, veteran and active duty military appreciation, and workforce development.
Chapek serves on the board of the Make-A-Wish Foundation and helps the organization leverage the power of Disney to make a difference in the lives of children with critical illnesses and their families.
Prior to joining Disney in 1993, Chapek worked in brand management at H.J. Heinz Company, and in advertising at J. Walter Thompson.
He holds a degree in microbiology from Indiana University Bloomington, and received his MBA from Michigan State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bob Chapek’s move on a scale of 0 to 10.
exechange reached out to Disney and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2022 ($).