Bob Iger Steps Down As Disney CEO And Will Be Replaced By Bob Chapek

Bob Iger Steps Down As Disney CEO And Will Be Replaced By Bob Chapek


Jay Cochran - February 25, 2020
The Walt Disney Company (NYSE: DIS) Board of Directors announced today that Bob Chapek has been named Chief Executive Officer, The Walt Disney Company, effective immediately. Mr. Chapek most recently served as Chairman of Disney Parks, Experiences and Products.

“I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

Robert A. Iger assumes the role of Executive Chairman and will direct the Company’s creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Mr. Iger said. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

Mr. Iger added: “Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Mr. Chapek said. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Susan Arnold, independent Lead Director of the Disney Board, said, “The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.

“Mr. Chapek will also benefit from the guidance of one of the world’s most esteemed and successful business leaders, Bob Iger,” Ms. Arnold continued. “Over the past 15-plus years as CEO, Mr. Iger has transformed The Walt Disney Company, building on the Company’s history of great storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and Twenty-First Century Fox and increasing the Company’s market capitalization fivefold. Disney has reached unparalleled financial and creative heights thanks to Mr. Iger’s strong leadership and clear strategic vision. We believe Mr. Chapek’s leadership and commitment to this strategy will ensure that the Company continues to create significant value for our shareholders in the years ahead.”

In Mr. Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions. Mr. Chapek will report to the Executive Chairman, Mr. Iger, and the Board of Directors. He will be appointed to the Board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.

Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015.

As Chairman of Disney Parks, Experiences and Products, Mr. Chapek oversaw the Company’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. The segment includes Disney’s iconic travel and leisure businesses, encompassing six resort destinations in the United States, Europe and Asia, a top-rated cruise line, a popular vacation ownership program, and an award-winning guided family adventure business. Disney’s global consumer products operations include the world’s leading licensing business across toys, apparel, home goods, digital games and apps, the world’s largest children’s print publisher, Disney store locations around the world, and the shopDisney e-commerce platform.

During his tenure at the Parks segment, Mr. Chapek oversaw the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World and the addition of Marvel-inspired attractions around the globe; and the expansion of Disney Cruise Line with the announced construction of three new ships.

From 2011 to 2015, Mr. Chapek was President of the former Disney Consumer Products segment, where he drove the technology-led transformation of the Company’s consumer products, retail and publishing operations. Prior to that, he served as President of Distribution for The Walt Disney Studios and was responsible for overseeing the Studios’ overall content distribution strategy across multiple platforms including theatrical exhibition, home entertainment, pay TV, digital entertainment and new media. He also served as President of Walt Disney Studios Home Entertainment, where he spearheaded the successful “vault strategy” for the Company’s iconic films and transformed the primary format of home entertainment from DVD to Blu-ray.

Before joining Disney in 1993, Mr. Chapek worked in brand management at H.J. Heinz Company and in advertising at J. Walter Thompson.

Mr. Chapek earned a B.S. in Microbiology at Indiana University Bloomington and an MBA from Michigan State University.
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Comments...

Last 10 comments - ( Read All Posts )
JayC - 2020-02-27 @ 6:07 pm
1 hour ago, Jmacq1 said:

I'll admit it's been kind of hilarious to see (on another site) some people upholding TOS Star Trek as an example of "Diversity done right, you know, without it being in your face like new Star Wars movies and Marvel comics."

Some folks have never watched Star Trek while keeping in mind the timeframe it was aired in or how groundbreaking it truly was (and while it's not brought up nearly as much as the acclaim, it got plenty of controversy in its' day, too).

The hate mail that was received over the first interracial kiss on broadcast television in the 60's with that classic Star Trek episode was astronomical i'm sure. The fact is many things like cartoons from the 80's where filled with messages that I suppose some today would consider SJW propaganda. The big difference then was people didn't have the internet to rant about it, so it went fairly unnoticed. While the people who worked on Star Trek and the network I am sure were aware of the people it upset, most everyone else just went about their daily business.

SpiderS - 2020-02-27 @ 5:09 pm

Marvel studious def isnt sjw leftist as some might claim unless you literally support fascism, and some forget how political older comics were, Civil War was super political movie and a comic, Ultimates,  Watchmen, V for Vendetta, Captain America, Superman: Red son, X-men and hundreds of other comic books, using politics was crucial for these stories. In some cases it made them much more than just comics books. I guess one difference of older comics were slightly more subtle approach. Real issue is when they put some questionable writers like that horrible America Chavez comic, and it wasnt  horrible because it had political elements it was horrible because writhing was bad, I do think that marvel learned not to hire writers who have surface level understanding  of social justice from Twitter.  So issue is not about politics its about getting good writers who know how to handle it . Also check out this amazing What if i#44 from 1984, that featured Captain America. 

28220D13-633F-4A7D-97F0-CC2DA00589F1.jpeg

Jmacq1 - 2020-02-27 @ 4:06 pm
15 hours ago, JayC said:

100% have to agree as have many similar things have done the same. Some do it better than others, the ones who do it without you even realizing it. Star Trek was probably the best at this.

I'll admit it's been kind of hilarious to see (on another site) some people upholding TOS Star Trek as an example of "Diversity done right, you know, without it being in your face like new Star Wars movies and Marvel comics."

Some folks have never watched Star Trek while keeping in mind the timeframe it was aired in or how groundbreaking it truly was (and while it's not brought up nearly as much as the acclaim, it got plenty of controversy in its' day, too).

Hai_Karate - 2020-02-27 @ 2:56 pm
14 hours ago, Benn said:

Perceptions are a funny thing. Marvel comics have basically always been political, have always spoken to issues of the day, and have overwhelmingly done so from the left. From where I'm sitting, though, Disney is about as moderate as they come politically. They talk a bit about diversity, often just to congratulate themselves, but never really take the steps to be diverse.

You maybe need to take a look at Disney's blossoming trend of "diversity" in all facets of their operations. For Disney it's not about being diverse for diversity's sake (or "PC," as some of the brainwashed parrots of conservative news call it), it's about hiring the right person for the job (whether that be executives or film directors or writers or animators) regardless of gender/race/creed. On the pop culture front, what Disney has been trying to do is more accurately represent modern reality in their films. In the real world, we all (including kids) see plenty of colorful faces, strong women who aren't just caricatures/objects, same-sex couples with and without kids and gender-fluidity. That's just how it is regardless of how anyone feels about it, so Disney isn't shying away from it. They're taking plenty of heat for it too, make no mistake, but they believe it's high time someone began to normalize seeing modern reality in films, etc instead of just portraying an outmoded view our society that no longer exists. In other words, it ain't the '50s anymore and Disney is apparently more than okay with that. Their efforts may not be moving fast enough for some folks, but they are definitely moving way too fast for others, so it's a balancing act; and I applaud them for moving with the times instead of against them.

JayC - 2020-02-27 @ 12:09 am
25 minutes ago, Benn said:

Perceptions are a funny thing. Marvel comics have basically always been political, have always spoken to issues of the day, and have overwhelmingly done so from the left. From where I'm sitting, though, Disney is about as moderate as they come politically. They talk a bit about diversity, often just to congratulate themselves, but never really take the steps to be diverse.

100% have to agree as have many similar things have done the same. Some do it better than others, the ones who do it without you even realizing it. Star Trek was probably the best at this.

Benn - 2020-02-26 @ 11:45 pm
2 hours ago, Magnetotron said:

While I was initially optimistic at this news, that it might herald an end to the SJW servicing and trick turning, I have since tempered those hopes given that Iger still will have a hand in the creative team's shaping of stories...which all but assured continued post-PC leftist agenda in Star Wars and Marvel.

Perceptions are a funny thing. Marvel comics have basically always been political, have always spoken to issues of the day, and have overwhelmingly done so from the left. From where I'm sitting, though, Disney is about as moderate as they come politically. They talk a bit about diversity, often just to congratulate themselves, but never really take the steps to be diverse.

Benn - 2020-02-26 @ 11:39 pm

It's a classic Bob swap.

Magnetotron - 2020-02-26 @ 9:29 pm

While I was initially optimistic at this news, that it might herald an end to the SJW servicing and trick turning, I have since tempered those hopes given that Iger still will have a hand in the creative team's shaping of stories...which all but assured continued post-PC leftist agenda in Star Wars and Marvel.

memocromatico - 2020-02-26 @ 1:38 pm
9 hours ago, Satam said:

Bob has stepped down and has been replaced with Bob.  Long may Bob reign.

Long live the Bob.

Satam - 2020-02-26 @ 4:30 am

Bob has stepped down and has been replaced with Bob.  Long may Bob reign.

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