Geekery: Long Time Disney CEO Bob Iger Has Stepped Down
Usually, shifts within entertainment companies are an inside-baseball kind of thing, but this particular shift will could majorly change how the world’s largest entertainment company functions.
Iger got his start with Disney as the chief operating officer of ABC Television – he started there in 1995 before Disney bought the company and rose in the ranks after the acquisition to President and COO of Disney in 2000. He replaced long time CEO Michael Eisner in 2005 thanks to a push from Roy E. Disney to shake up Disney management. Iger was definitely an agent of change. He expanded the park system into East Asia and, during his tenure, Disney acquired some of its most valuable assets.
- Pixar in 2006 for $7.4 billion
- Marvel Entertainment in 2009 for $4 billion
- Lucasfilm in 2012 for $4.06 billion
- 21st Century Fox in 2019 for $71.3 billion
Iger increased the value of Disney from $48.4 billion to $257 billion over thirteen years, making it a giant of the industry. As of yesterday, he has stepped down as CEO and is finishing his contract out as executive chairman through 2021. He’ll focus on creative development until his retirement. In a statement he calmed any fears that this was an unplanned move.
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO. I have the utmost confidence in Bob [Chapek] and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”
Iger’s replacement, Bob Chapek, has been with Disney for 27 years and is the head of the parks division. The next five years are going to be interesting with a new CEO and new ideas in play. How will Chapek make his mark?
Bob Iger and Bob Chapek
The big question I have: is this the end of the acquisition era for Disney? I’m not a huge fan of the company’s habit of buying out other production companies since Iger took the reins in the mid-aughts. As of 2019, Disney controls nearly 40% of the domestic (US) box office thanks to the merger with Fox. Monopolies are not good for the industry, creatives, or audiences. It would be nice to see this slow down, or come to a full halt, under Chapek’s care. After all, Walt Disney said “if you can dream it, you can do it” not “if it exists, you can buy it.”
