Disney fans and investors have had plenty to say about the CEO shakeup at The Walt Disney Company in November.
Fab Five celebrates 100 Years of Walt Disney Company!
The company is celebrating its 100th anniversary this year, but its leaders are still facing challenges. Now a longtime former Disney CEO is speaking out.
Other than this “welcome back” Tweet on the day after Iger’s return to the CEO office, former Disney CEO Michael Eisner has not had a lot to say about what’s happening at Disney — until now.
Welcome back to Disney, @RobertIger!
— Michael Eisner (@Michael_Eisner) November 21, 2022
Eisner talked with CNBC about the CEO change-up, saying, “I think it was a great move for Disney. I’m a little nervous for Bob because he left with a 10++++ rating, and to continue that is not easy.”
In Iger’s little more than 100 days back in the CEO role, he has put to rest a challenge from an activist investor, pleased Disney Parks fans by rolling out some new perks, and announced a major restructuring of the company. But, there are still challenges ahead. Disney’s stock price continues to be volatile, as investors contend with the company’s continuing losses related to its streaming business.
©Google Finance
Iger has also announced $5.5 billion in cuts for the company. Eisner said he believes Iger is up for the job.
“I think he will achieve it. There are headwinds there he has to deal with, some of which were there before he left,” the former CEO, who led Disney from 1984 to 2005, said. “I’m rooting for him.”
©Reuters | Disney CEO Bob Iger
But what about former Disney CEO Bob Chapek, who Eisner initially hired?
“I like Bob Chapek,” Eisner said. “He did the parks – he did really very well in the parks. Maybe he was the wrong guy for that particular job.”
Bob Chapek and Bob Iger ©CNBC
Another challenge that lies ahead — succession. It’s a challenge Michael Eisner also faced, and one that Iger failed at in choosing Chapek as the company’s next CEO. Iger recently confirmed that the company’s succession committee — led by Disney Board Chairman Mark Parker — meets regularly. The committee is reportedly considering internal candidates, as well as “out of the box” candidates like NBA Commissioner Adam Silver.
Bob Iger and Adam Silver | ©Disney
“I think the board was right in bringing Bob back. Bob was pretty right going back,” Eisner told CNBC. “I think he loves the company, and I think all’s well and will end well, but it’s gonna be awhile.”
Bob Iger Comments on the Search for Disney’s Next CEO
Keep following DFB for the latest Disney news!
Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe!
What do you think about Michael Eisner’s comments? Tell us below!
Our handy (and portable!) ebook guides make sure you get the best deals and can plan a vacation of a lifetime.
Disney needs to focus on the customer and reestablish the Disney Bubble. First step is to bring back the Magical Express Service … including handling the luggage tags and airline boarding passes. Next is the meal service program. Finally, Disney needs to expand the shows and entertaiment venues.
Mr. Iger needs to start by listening to it’s guests. Get rid of park reservations, absolutely not needed! Bring back the free fast passes, and park hopping as we knew it!
I know that I normally see the same “suggestions” remove; Park Reservations (doubtful this allows them to have a greater control over the “flow” of guests into the parks), Genie + (Disney already spent money to create this app and it increases the amount of money spent per park guest), etc. Iger only has two years, during that time he has to; make Disney + profitable, turn the company around fiscally, mend public perception, and create/execute a successful succession plan. I picture some small steps, reducing the number of “highest” prices park pass days is a nice start (notice that he didn’t reduce the cost of park passes), bringing back free parking at hotels is another, and announcing that new things are coming (most of this will happen under his successor) are solid first calendar year steps. Iger really needs to impress at the next big Disney event with concrete plans (locations, attractions, and rough timelines-early 2025 sort of things) and much less random blue-sky ideas.
Iger is a money guy, not a guest guy. Rolling back the cuts are a must, it is simply getting too expensive to visit Disney any more. I am committed to DVC until 2055 but seriously considering selling my membership back because it is too crowded and too expensive. Next, Disney needs to expand its offerings, not more hotels, more venues. There is nothing to do at WDW after the parks close except got to Disney Springs which is grossly over crowded. Eliminating the Spirit of Aloha dinner show at the Poly was a mistake. More hotel rooms means bigger crowds, longer lines, frustrated guests with nothing to do. Need more themed dinner shows In the evenings to start would move some of the guests back to the resorts and relieve some of the overcrowding at Disney springs. How about some other daytime events other than the parks, cooking/chef classes, more tours of the resorts and culinary services, Think Disney,,,, stop thinking about money and start thinking about the guest experience. Star Wars hotel is failing, turn it in to some kind of one day experience that would move guests out of the parks and into a memorable experience instead of a long wait in line for a dark ride that only a small percentage would enjoy. More simple food besides chicken strips and crummy burgers. How about pierogi, stuffed cabbage, stir fry, Walt’s favorite Chili, Taco Salad, wraps, some thing, anything other than burgers, fries and chicken strips. We need a new crop of Imagineers that can think out of the box like they did when the build the parks, Epcot, the moving theater box at the universe of energy, the original Test Track. Disney needs to move back to teaching guests, setting an example, growing our young instead of putting them on a dark spin and puke ride that teaches noting. Stop being like Universal and return to being Disney…ask me…we need an out of the box thinker that is grounded in American values and learning instead of just counting the money. Michael Eisner like Walt were focused on the guest experience, the money will follow. The overcrowding at the parks is a result of too many hotel rooms, so more hotels is not the answer. The answer is to create venues that offer the guest more than just a thrill ride.
Bob’s successor, first off, needs to love Disney, love the parks, and love the Guest Experience. THEN they have to be innovative, flexible, responsible, and open-minded. Once all of those boxes are checked for their list of candidates, they can let the deciding factor be their success in business and running an international organization.
If they don’t hit those first three requirements, they should not advance in consideration. Period.
To bob and thumper u both summed it up as to what Disney needs to do instead of using Disney goers as cash cows and also having us on our electronics to schedule our day we come there to leave all out of our day and have that pixie dust day and bring back Walt disneys dream and of course it started with a mouse who I have loved since I was a little girl and even tho I’m an an adult now I still that child n me and everyone should release that child n them it’s so much fun and makes life feel better and when my family goes to Disney I become a five year old and so does my sister cause that’s the age to b n disney so please let that inner child out u will love it and do they other places to
Oh no I hope it’s not Adam Silver. He’s a basketball guy. We need a kid at heart DISNEY person.
If you don’t love a place/experience, you won’t want to repeat it or share it with your children.
Jacqueline, I’m with you on not offering the position to a sportsman! While I’m sure Adam Silver is great at his sport, Disney needs a person with unique qualities and a true love for Disney. Kimberley hit the nail on the head! Disney, are you listening???
Drop the Woke and social reengineering agenda. Its hurting the brand, guest satisfaction and box office receipts, not to mention creating unnecessary friction with the Central Florida community.