Disney CEO Bob Chapek will step down from his position, and former CEO Bob Iger will take his place.
Bob Chapek ©Disney
The announcement came late Sunday, November 20th, from the Disney Board of Directors.
The Walt Disney Company has announced that Bob Iger (who formerly led Disney as the CEO) will return as CEO, effective immediately. Disney thanked Chapek for “his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic.”
©Disney || Bob Chapek
Disney made the announcement on Twitter:
Robert A. Iger named Chief Executive Officer of The Walt Disney Company: https://t.co/qvG1ZB8cvR pic.twitter.com/nV41l8OMEW
— Walt Disney Company (@WaltDisneyCo) November 21, 2022
“The Walt Disney Company announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.”
©Reuters
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”
“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” she said.
“The position of Chairman of the Board remains unchanged, with Ms. Arnold serving in that capacity.”
Bob Iger ©New York Post
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. 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.”
“During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision.”
This is a breaking story, and we’ll continue to update this post as we learn more. Keep following DFB for more Disney news.
Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe!
Our handy (and portable!) ebook guides make sure you get the best deals and can plan a vacation of a lifetime.
Sounds like a lot if platitudes for someone people didn’t like. Hopefully Iger can bring back some sense to Disney! I’m guessing Disney corp finally heard the complaints about Paycheck….money talks!!!
Best news of the YEAR!!!
This was the best piece of breaking new in years. Kudos to the board for making this change and not allowing the bumpy Chapek era to continue. With the exception of Walt himself, it is difficult to disagree that Iger’s time was the most successful in the history of the company. Let’s hope he can undo some of the damage that occurred in such a short piece of history. Things feel better already!
I am so pleased to see this change, I cannot wait to see the direction he takes to bring back the excitement to the Disney fans again. Several years ago my wife and I planned to work at Disney went we retire and we even purchased a home near the parks! The passed year neither one of us were going to apply while Chapek was running the parks. All Chapek was interested in how much money could be squeezed out of the parks but he did not cosider the effect. Without giving a unique experence and telling that “Disney” story the parks were getting new guests but not creating the next generation of “Superfan”. Too many vistors were becoming the “one and done” visitor because their visit was nice but they were not left with that excitement to return to see what they may have missed the first visit.
That’s the best news I’ve heard about Disney since he became CEO. Hopefully now the “MAGIC” will be returning to the parks.
This solves one problem, but who has been pulling Chapek’s strings? Nobody wants to talk about the elephant in the room… Susan Arnold, who just so happened to take the role as chairman of the board shortly after Chapek was appointed CEO. This person is the one that gets Disney into the political and social issues.
You are re-hiring the guy that went on a spending spree from 2006 to 2019, buying up Pixar ($7.4B), Marvel ($4B), Lucasfilm ($4B), Entertainment 21st Century Fox ($71.3), not to mention Disney+ startup cost that has yet to return a profit despite exceeding subscribers numbers. The epitome is this is the guy that appointed Chapek as CEO and you are putting him in charge of hiring a replacement? Seriously? The topping is the Disney Board gave Chapek a 3 year extension back in June of this year. What changed?
It’s about “TIME” Let the Magic return to WDW. Iger has a lot of cleaning up to do after Chapek’s chaotic run. The light bulb 💡 has finally woke up the board huh? Smh!!
Hopefully Disney will go BACK to their True roots and what Walt would want for His company , not this Woke bull crap !!! And leave the prices alone 😔. My family and all of my friends families WILL NOT be returning to Disney UNTIL They change their policies back to the Right side .
I hope he brings back the free fast pass.
This is good news. Perhaps Iger can repair some of the damage done to the brand before handing it off to another Chapek-type money-grubber.
Now they have to reduce all WDW pricing. It has gotten way out of hand. The current prices in WDW are shutting out many families.
I am so Happy the Bob Iger is back, hoping thing grt back to the wY it was before he left.
I hope it’s not too late to correct all the damage that was done under Chapek. I want to regain those old wonderful feelings I use to have about Disney.
YESSSSS!!!!!!!!THIS IS A GREAT DAY FOR DISNEY AND ITS FANS!!!! We’ve been screaming for Chapek to go! And it’s finally happened! Such a great day! Such a great day!!
The Mouse is back in the House!
I am so excited Chapek is finally gone. He has done so much to hurt the Disney Company and I wish Iger good luck in trying to turn things around. I am sure it will not be easy but as I have said before Chapek was not the right person for Disney.
Rarely has a CEO shown less competence than Chapek did. It has been interesting looking at YouTube the last 24 hours to get a concept of how reviled he was as a leader.
Between the outrageous salary, the bloated bonus and the buy out of his new contract, Chapek is sitting pretty.
Awesome News ☝🏼🎈🎉🎊 Let’s hope Disney can get back to the art of entertainment of FAMILY and leave politics all together ! 👨👩👧👦👩👩👧Family first!!!
Don’t think he can or will undo the unpopular changes, however, he is a much better representative of the Disney product. At least, he won’t offend us every time he speaks.
So happy about this. Maybe Bob Iger will bring the magic back instead of milking guests for everything! A smart CEO can handle the Gov of Fl too.
Oh my gosh thank goodness! Now maybe ,in time, the MAGIC will come back and Disney won’t be such a disaster/aggravation. Pass holders since ‘95 and on site hotels; never appreciated being told we don’t spend enough $$$.
Great move on the part of the Disney Board of directions!! As a Disney fan, AP and stockholder , I feel excited about the direction Disney will take under Bob Igers’s leadership.
How much cash and stock is Mr. Cheapek walking away with?
@Richard. In 2021 he was paid $32.5M and I would doubt his extension called for less than that.
The epitome is this is the guy that appointed Bob Chapek as CEO and you are putting him in charge of hiring a replacement again? Seriously? The Disney Board gave Chapek a 3 year extension back in June of this year. What changed?
End the horrible Genie+ debacle!
Bring back former free fast pass system!!
Bring back original park hopper, without restrictions!
End ridiculous park reservation requirements!
Let us park for free in the parking lots, again! We’re already paying sky high prices for tickets!
Bring back free Disney Express!
Revamp the Disney BoD and let someone else pick the new CEO. Iger screwed up royally with Chapek, don’t trust him to pick another CEO!
Pandemic is over, quit using it as an excuse to gouge the public, and bring back the magic!
Upward on onward! Crossing fingers the magic will return, and DW will, again, be the happiest place on earth!
Thank goodness. Best decision the company has made in years.
About time, you so called “Board of Directors. ” I was being run into the ground and you watched it happen…
I agree with @Don. I’m afraid people believe Iger will come in and change things back to how they were (free FastPass+, lower ticket prices) but I think those things are gone. He’s just going to start working to make things better from this point forward. At least I hope so.
Great news. Get back to Walt’s vision which was never about more money and the guests be damned.
WELCOME HOME, BOB!
Hopefully the Heart is back!!!!!
Well it couldn’t get much worse so I’m happy they made the change but so much damage is done…
It says something that my family is going to Greece in 2023 because we couldn’t afford another Disney trip.
I am so excited about this news!!!!!! I have stopped all my plans for Disney because of the prices and changes to EVERYHTHING. I don’t have time to study what I need to do to go to Disney and I used to go a lot.
Anyway, welcome back Mr. Iger. Always loved you and happy to have you back for a while. Please fix thing..
I hear Chapek will walk away with 16.9 million. Crying shame that he was able to profit from all the misery he caused.
Oh, not only that, but he will still be entitled to $$$ until what was suppose to be the end of his contract 2025, even though he was fired
Yeah!
Thank you! I really hope we see the magic return. I no longer feel insulated and transported to another world when we visit. Last week I really had made the decision to sell our DVC. Hoping to see good things.
WooHoo ! Ding Dong the Worst
Ever Disney CEO is GONE ! Better late than never. Talk about an early Christmas present this is it !!! Could not be happier. Now bring our Disney back without all the baggage Chapek brought and created !! Thanks Santa for this wish come true !!!!!
Apparently most of you are more comfortable with the devil you know…if you look back over Iger’s years in charge, you should notice that a lot of the so-called woke policies began with him/when he was the CEO. Don’t get me wrong, I’m not a big fan of the Bob they just got rid of either, but like someone above said, Iger is the one who appointed Chapek, and we also know what kind of policies Iger pushes for (and he started the runaway process increases). Hopefully it all works out, but this isn’t going to be a quick fix.
Mr.Iger please b the person we the Disney lovers need to make Disney like it use to b with fast passes and no genie and when staying the resorts that WE ALL can have extended hours n the parks and not b devided n 2 b classes and pay the cast members the salary’s that they do deserve and please bring back magical express to bring us to Disney thousands of us have to fly to Disney and some of us need extra help when there is someone that needs that help PLEASE bring back the MAGICans make it affordable for people to n there we all know that is what Walt Disney wanted for it to b the happiest place on earth and it started with a MOUSE
An early Christmas present. 😊
FYI
The beancounter, I mean Chapek, was fired! FINALLY!!!! He didn’t step down from the position he never earned. The board should never have renewed his contract recently and now we all have to pay for it (financially). I am oh SO CLOSE TO not renewing my AP because of the beancounter. I’m tired of getting ripped off by the WD company and really can’t afford to keep going back to the place that I grew up with. I’m only an hour & a half drive from WDW & I really feel sorry for you folks that have to fly in from other parts of the country or around the world with spouse and kids and whoever else is coming here with you because it is way too expensive anymore…..Let’s see what happens in the next few weeks…..
We all hope to b able to go to Disney like it was b 4 chapek took over and to b able the child that is inside all us no matter how old we r cause we all have the right to b there when we have always gone my husband and my sister and her husband have always been 5 years old again cause that is what Walt Disney created it for when u let that child inside of US ALL out that’s what it’s all about and the only thing that u think about is the fun and magic that is there and not the world out side cause u r n the most magical place n the world and that is what we want back so please mr.Iger create that again we r depending on u
Happy, Happy! Does anyone really believe that genie+ will go away? I wish it would but I can’t imagine ANY company would get rid of any moneymaker. Yes, prices have to go down all over Disney but, will they as long as people are paying?
We think it’s a wait and c game if over will resolve Disney back to where it was not so sure he will don’t want to dash anyone’s hopes but we will hope he does and if he does that would b great
I meant to say Iger
They need to hear the voices of us disney visitors and not worry about their pockets and hope that they did and there’s no way that that they didn’t know about what people were feeling and saying and again we say pay the cast members more they r under appreciated by Disney and some park guest and deserve more