Get All Access for $5/mo

Bob Iger to Take Charge After Disney Ousts Bob Chapek as CEO The board decided to relieve Chapek of his duties due to a string of mistakes that resulted in the loss of confidence of many Disney executives as well as the Wall Street

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Wikimedia Commons

The board of Walt Disney Company fired Bob Chapek as the chief executive officer and announced the return of Robert A. Iger for the role with immediate effect.

Iger said in his mail to the Disney employees, "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."

Disney in essence is replacing Iger's handpicked successor with Iger. The board decided to relieve Chapek of his duties due to a string of mistakes that resulted in the loss of confidence of many Disney executives as well as the Wall Street.

Iger left Disney at the end of 2021, having served as the executive chairman for two years in order for Chapek to gain his footing. The board has clearly stated that Iger has been called back on a temporary basis. Iger has been given two years to stabilize the company as well as groom a successor.

"We thank Bob Chapek for his service. 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," said Susan Arnold, the board chair, in a statement.

The surprise ousting of Chapek and reinstatement of Iger come as a result of a disastrous earnings announcement on 8 November. Wall Street was blindsided by Disney when the company reported $1.5 billion in losses, an increase from $630 million a year prior, at its streaming division.

Disney generated $20.15 billion in revenue in three months that ended on 1st October, a nine per cent increase from last year. However, analysts had predicted $21.3 billion. Profit totalled approximately $162 million or 9 cents a share, roughly flat from the previous year.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
News and Trends

Noida International Airport Partners with Mahindra Logistics for Premium All-Electric Taxi Service

Passengers will have the flexibility to book rides through multiple platforms, including a dedicated mobile app, the NIA website, call centers, airport kiosks, and airline alliances. This multi-channel approach ensures 24/7 accessibility, catering to the diverse needs of travelers.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Lightspeed Leads USD 40 Mn Series B Funding for SolarSquare

The company plans to use the fresh funding to expand its footprint to 50 cities, enhance its technology, hire talent, and strengthen its brand presence.

News and Trends

growX Ventures Launches Fund II with a Target Corpus of INR 400 Cr

Fund II aims to target early-stage and growth-stage investments, backing 20–24 startups in deeptech sectors. It plans to deploy INR 10 crore in seed and INR 20–30 crore in Series B rounds.

News and Trends

RapidCanvas Raises USD 16 Mn to Accelerate AI Innovation in Business Operations

The new capital will fuel the expansion of its innovative offerings and global reach.

News and Trends

K12 Techno Services Secures USD 40 Mn in Funding from Kenro Capital

The Bengaluru-based firm aims to expand aggressively, with plans to open 8–12 Orchids schools annually and onboard 100–150 schools under the Eduvate umbrella each year.