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Sunday, December 4, 2022

Disney fired its CEO and brings back Bob Iger to lead the company

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William
William
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you're looking for insights into what's going on in the stock market or economic indicators, you've come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
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The board of directors decided that as the conglomerate “embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead.”

Chapek was chief executive for two years, a period in which Wall Street raised concerns about the company’s rising expenses. Disney’s stock is down 41% this year.

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Iger, who was chief executive for 15 years, increased the company’s market capitalization fivefold during that period.

Iger promoted Chapek as his replacement in 2020 but the relationship between the two became strained.

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“I am deeply honored to be asked to lead this extraordinary team again,” said Iger, who led Disney through the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox, and through the launch of Disney+ and ESPN+.

setting moment

Last Friday, Bob Chapek, CEO of Disney, announced that he would initiate an adjustment plan within the company to reduce costs. The action, which could include layoffsis given after fall 13.4% on the stock market on Wednesdayfor not having fulfilled the earnings expectations in your quarterly financial report.

In a memo to senior Disney executives, Chapek warned that they plan freeze hiring, possible equipment reductions and a “rigorous analysis of the company’s content and marketing spend. In the financial report, CFO Christine McCarthy had already warned analysts that they are “actively evaluating the cost base and seeking to improve efficiencies.”

Source: Ambito

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