On the evening of November 20th, 2022, Bob Iger broke the internet. News of his return as Disney’s CEO inspired comments from celebrities, shareholders, and Disney fans alike, many of whom expected major changes to follow the transfer of leadership.

Whether Iger plans to bring back Magical Express or eliminate Genie+ (both of which have been suggested by Disney fans) has yet to be seen. For now, we’re looking at the cold, hard facts. Here are some of the BIG announcements and changes that have happened since Bob Iger returned as Disney’s CEO.

Executive Changes

As Bob Chapek exited The Walt Disney Company, some other Disney executives followed suit. This included Kareem Daniel, who was considered “a top lieutenant for former Disney CEO Bob Chapek.” Daniel had been appointed by Chapek to head the newly organized media and entertainment distribution group in 2020.

Iger announced Daniel’s departure and said, “I hope you will all join me in thanking him for his many years of service to Disney.”

Another executive who was closely linked to Bob Chapek was Arthur Bochner, who left Disney on November 26th. Bochner was Chapek’s vice president of strategic communications and lead speechwriter.

Since that time, we’ve seen several executive changes at Disney. Some of these were departures, others were movements/changes within the Company, and some new executives have joined the team too. You can read more about those changes by clicking the links below:

• 2023 — Some major restructuring took place under Iger which resulted in some leadership changes, including the departure of Rebecca Campbell, a senior Disney executive.
• 2023 — Sonia Coleman was named to a new position — Senior Executive Vice President and Chief Human Resources Officer at the Walt Disney Company.
• 2023 — Bruce Vaughn returned as Chief Creative Officer (CCO) of Walt Disney Imagineering.
• 2024 — Barbara Bouza, President of Walt Disney Imagineering, announced plans to step down from that role.

Salary Revealed

Soon after Bob Iger’s return was announced, details about his contract and salary were reported. An SEC filing revealed that Iger’s annual base salary would be $1 million with a possible 100% bonus each year (depending on his performance).

In addition, Iger is entitled to The Walt Disney Company’s equity-based long-term incentive plans and programs, which means that, for each fiscal year that ends during Iger’s employment agreement, he’ll be given the long-term incentive award with a target value of $25 million.

Iger’s initial contract with Disney was for 2 years with an end date preliminarily scheduled for December 31st, 2024. In July of 2023, it was announced that Iger had agreed to continue to serve as CEO through December 31st, 2026 (an additional 2 years).

“The independent members of the Board of Directors noted that Iger’s extension provides continuity of leadership during the Company’s ongoing transformation, and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board.”

In early 2024, we got details about Iger’s 2023 salary. According to an SEC filing, Bob Iger made $32,123,717 in fiscal year 2023. This number is Iger’s full pay package, which is made up of a base salary, stock awards, stock-option awards, cash bonuses, and other compensation.

The report also shows that the median employee’s total annual compensation for fiscal 2023 was $54,010, which means that the ratio of Iger’s salary to the median employee’s is 595:1.

Learn more about Bob Iger’s salary here.

Stock Changes

Disney fans weren’t the only ones excited to see Iger return to the company. If the company’s stock value was any indication, investors were initially optimistic about the change.

Yahoo Finance reported that stock for The Walt Disney Company closed at $91.80 on November 18th (before the news of Iger’s return) and was trading at $100+ in the pre-market on November 21st. Once the market opened, the price for Disney stock was $100.10.

A bit after opening time, stock values mellowed out a bit and were trading at $98 later on November 21st. That was still higher than the $91-$92 range that stock was trading at days before the switch in CEOs.

In the months that followed, the stock’s value would change significantly. In 2023, it hit lows around $79. But, 2024 has proven to be much more positive for Disney’s stock, bringing highs around $121 as of early April.

We’ll keep a close eye on changes in the stock value as Disney continues to face challenges and make big announcements in the future.

Hiring Freeze Update + $5.5 BILLION in Cost Cuts

During Bob Chapek’s time as CEO, he initiated a hiring freeze for some Disney employees. In the memo about the hiring freeze, Chapek said, “We are limiting headcount additions through a targeted hiring freeze. Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold.” He also mentioned that job cuts could be part of this change: “We do anticipate some staff reductions as part of this review.”

Bob Iger later confirmed that the hiring freeze would still take place as Disney continued its cost-cutting measures. Then, in February of 2023, Iger announced that there would be 7,000 job cuts at Disney. These were part of Disney’s overall goal to reduce spending by $5.5 billion. In June of 2023, Disney finished handing out notices to employees impacted by the thousands of job cuts.

The $5.5 BILLION cost cuts break down as follows — Disney worked on reducing $2.5 billion in “non-content costs,” as well as cuts of $3 billion in non-sports content costs. The non-content cost-cutting included reductions in marketing, technology, procurement, and other expenses. And, as part of the changes, Disney pulled more than 50 shows from its Hulu and Disney+ streaming libraries to cut costs on streaming.

During the earnings call for the first quarter of fiscal year 2024, Iger noted that Disney was “on track to meet or exceed $7.5 billion in cost savings as [they] continue to look for further efficiency opportunities across the company.”

Restructuring

The company was also quickly restructured when Iger returned. The new structure is “aimed at returning greater authority to [Disney’s] creative leaders.” The company has been reorganized into three divisions: Disney Entertainment, ESPN, and Disney Parks, Experience, and Products.

This charge essentially undid the work Chapek had done in creating the Disney Media and Entertainment Distribution (“DMED”) division, which centralized the marketing and distribution for Disney’s content. Iger said in an interview with CNBC that Chapek’s DMED “was a mistake” and he quickly put changes in place to adjust the structure at Disney.

When announcing the change, Iger stressed that the reorganization would provide “a more cost-effective, coordinated and streamlined approach” to the company’s operations, and “re-establish a direct link between content decisions and financial performance.”

End of the Lake Nona Project

Disney previously invested in land in Lake Nona for a campus meant to house Disney employees. The project would have brought more than 2,000 jobs to the area, and more than 1,000 employees from Southern California (including most of the Imagineering department) would have relocated to this new campus.

The planned move had been delayed for years, and ultimately Iger announced (in 2023) that the project was canceled. 

Chairman of Disney Parks, Experiences and Products Josh D’Amaro talked about “changing business conditions” and noted that those changes were behind the cancelation of the Lake Nona project.

Click Here to Read About a CLUE About the Future of Disney’s Canceled $1 Billion Orlando Project

Park Pass Changes

When initially asked about the Park Pass system, Iger said that he had not used the system himself, and wanted to hear from Josh D’amaro about it before making any comments. Ultimately, the Park Pass system would see some MAJOR changes under Iger. As of early 2024, Park Pass reservations are NOT required for most Disney World guests.

Anyone with a regular date-based ticket from Disney (either on its own or as part of a vacation package) no longer has to reserve their park visit in advance.

However, select guests, like Disney World Annual Passholders and Cast Members, are STILL REQUIRED to make Park Pass reservations (with some exceptions).

Annual Passholders are, however, able to visit the Disney World theme parks after 2PM WITHOUT a Park Pass reservation. There are some exceptions though: Passholders still need to schedule reservations for Saturdays and Sundays in Magic Kingdom.

Walt Disney World Annual Passholders and Cast Members are also eligible for “Good to Go” days, which do not require a Park Pass reservation and do not count against your Park Pass reservation allotment.

Political Battles

Disney has been in the middle of some large legal issues lately as well, particularly with the controversy in Florida over the state’s Parental Rights in Education law (commonly called the “Don’t Say Gay” law by critics).

In discussing the dissolution of the Reedy Creek Improvement District, Iger initially said, “I had no idea what its ramifications are in terms of the business itself.” He continued, “The state of Florida has been very important to us for a long time, and we have been very important to the state of Florida.”

Iger also once said, “I think there’s a misperception here about what politics is. Some of the subjects that have been proven to be controversial as it relates to Disney have been branded political, and I don’t think they are.” He concluded, “Do I like the company being embroiled in controversy? Of course not.”

Ultimately, it seems Iger (and the team at Disney) may have been able to put an end to some of the controversies. In 2024, it was announced that Disney had entered into a settlement agreement with the Central Florida Tourism Oversight District regarding various matters, mainly impacting the two state court lawsuits that had been filed.

The settlement provides the following:

• Disney agrees that the Development Agreement and Restrictive Covenants are null and void
• Disney agrees with the District assessment that the 2032 Comprehensive Plan is null and void
• The District will amend the 2020 Comprehensive Plan with consultation from Disney
• Both Disney and the District will dismiss claims and counterclaims, along with Disney dismissing the Public Records case
• Disney owns the long-term mitigation credits and the District will not interfere with those credits
• The labor services agreement between the District and Reedy Creek Energy Services will end in 2028
• The District and Disney will not contest actions of the Reedy Creek Improvement District before DeSantis’ takeover

Under the terms of the settlement, the Federal lawsuit Disney initiated against DeSantis and the District (alleging retaliation and a violation of First Amendment rights) is also suspended for the time being as Disney and the District work on a new development agreement.

We’ll have to wait and see if the sides are ultimately able to come to a resolution for the federal case (which is currently on appeal) or if that case will end up moving forward.

Click here to see what Disney had to say about this settlement

Apple Ties

Iger initially dismissed rumors that Apple is going to buy Disney, saying the merger was “nothing more than speculation.” Later, when asked whether Disney could be sold to a larger tech company, Iger said, “I just am not going to speculate about the potential for Disney to be acquired by any company.”

He went on to point out that the “global regulatory environment” needs to be considered and stated that the potential acquisition is “not something we obsess about.” Iger concluded, “I’ll say no more than that.”

One analyst — Laura Martin from Needham & Co. — has anticipated “for some time” that Disney could be sold to Apple. Martin’s prediction is that Disney “will be purchased during the next three years.”
Some have suggested that if Disney were to start selling off parts of the Disney company — slimming it down — that could feel like a preparation for a sale. Iger has indeed made some interesting comments about Disney’s linear TV networks, suggesting that they may not be core to Disney and that Disney would be “expansive” and “objective” about the future of those businesses.

While Disney might not have announced any plans to sell to Apple, it has entered into some interesting partnerships with Apple due to the release of the Apple Vision Pro, so it’ll be interesting to see where the partnership between the companies goes in the coming years.

Disney Could Sell ESPN to Apple or Verizon — Click Here to Learn More

More Changes

But wait…there’s more. Here’s a quick look at some of the other big changes that have happened under Iger’s latest term as CEO:

• Iger has announced an Avatar expansion
• Disney has announced that it will be dedicating $60 BILLION in aggregate for its Disney Parks, Experiences, and Products division (but it might not be what you expect)
• Iger has identified some key priorities at the Company — including achieving profitability in streaming, improving the Disney film studios’ output, and more
• A cash dividend was made payable to shareholders
• Frozen 4 may be in the works according to Iger
• and MORE

There’s still a lot for Iger to do before he leaves the CEO position, particularly when it comes to finding and preparing the right CEO successor and handling major proxy battles.

Want to learn more about Bob Iger’s work as Disney’s CEO? Check out these posts:

And keep following DFB for more updates on all the latest Disney news.

What do you think will change before Bob Iger’s time as Disney’s CEO is up? Let us know in the comments.