A knight in shiny white armor has returned to defend the castle.
Disney Cast Members and employees worldwide were greeted with shocking news Sunday night: A letter from Bob Iger announcing his return to the company as CEO. The retired CEO announced his return to Cast Members in a four-paragraph letter, which we have in full 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
The breathtaking news comes following Disney’s stock price dropping to five-year lows and recent news that Disney would instate a company-wide hiring freeze and expense reduction process (which would likely also include more layoffs). In recent days, CNBC “Mad Money” host Jim Cramer called for Chapek’s immediate removal. Here on MiceChat we had speculated for months that Chapek’s time was running out.
Susan Arnold, Chairman of Disney’s Board of Directors, was short and sweet with her statement about the big change in corporate leadership:
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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.”
The news has been met with immediate joy, including from celebrities that have worked closely with Disney and both Iger and Chapek:
I don't think I've ever been so happy. Welcome home @RobertIger ❤️❤️❤️- the GOAT is back!!!!
— Josh Gad (@joshgad) November 21, 2022
Welcome back to Disney, @RobertIger!
— Michael Eisner (@Michael_Eisner) November 21, 2022
Bob Iger will resume his role as Disney CEO effective immediately, now with the task of righting the wrongs left behind by Chapek: a demoralized workforce, five-year stock lows, and a company that has been pushed to its limits in the name of profit. There’s only so much a creative company like Disney, which has been built on decades of quality and goodwill with its customers can take by Chapek-style leadership that prioritizes profit over everything else.
A poll in our last Monday’s Update (The CEO Who Stole Christmas), in which Dusty called out the untenable position Bob Chapek had put the Disney Company in, indicated that a massive number of you wanted to see Chapek go. You got your wish!
As a follow up to all of this (11/20/22, 10pm), The Walt Disney Company has ALREADY updated their corporate website to list Bob Iger as CEO.
This whirlwind of activity happened while Bob Chapek was away on a family Thanksgiving vacation at Disney’s Aulani in Hawaii.
A bit of a holiday miracle. And while there is much celebrating right now, there’s a lot of work to be done for Disney to regain the magic it has lost.
UPDATE 11/21/22 10am: In a hopeful sign, while the broader stock market is down, Disney’s stock was soaring on Monday.
Let us know your thoughts
What would you like to see Bob Iger focus on now that he has reclaimed the throne and become the once and future king?
Article originally written by Andy Castro and updated by Dusty Sage