Disney boots CEO, brings back Bob Iger to lead company

Agence France-Presse

Posted at Nov 21 2022 11:54 AM

Bob Iger (L), the CEO of The Walt Disney Company, and company mascot Mickey Mouse stand together before ringing the opening bell of the New York Stock Exchange in New York, New York, USA, 27 November 2017. EPA-EFE/JUSTIN LANE
Bob Iger (L), the CEO of The Walt Disney Company, and company mascot Mickey Mouse stand together before ringing the opening bell of the New York Stock Exchange in New York, New York, USA, 27 November 2017. EPA-EFE/JUSTIN LANE

NEW YORK, United States - Disney gave the axe on Sunday to its chief executive, Bob Chapek, and announced that it had brought back former CEO Bob Iger to once again take the reins.

The change, a surprise turn of events for the world's largest media company, was effective immediately, Disney said in a statement.

Iger, who assumed the role of executive chairman after handing the reins to Chapek, earlier engineered a blockbuster deal to take over much of the television and film assets of Rupert Murdoch's 21st Century Fox to become the Hollywood box office leader, and then launched a new direct-to-consumer streaming television service which aims to position Disney against rivals such as Netflix.

The Disney+ streaming service reported 164.2 million subscribers as of November 2022, which is still below industry leader Netflix and its 223 million subscribers worldwide.

The company in August said that it hopes Disney+ will reach profitability in 2024 and is counting on the releases of "Black Panther: Wakanda Forever," and "Avatar: The Way of Water," to fuel its subscription totals.

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