Tag: Bob Iger

  • Bob Iger Will Return as Disney’s CEO, Media Executives Predict

    Bob Iger Will Return as Disney’s CEO, Media Executives Predict

    Media executives predict Bob Iger will return as Disney’s CEO in 2022, according to a CNBC report.

    It hasn’t even been two years since Bob Chapek took over as Disney’s CEO. But one executive told CNBC there are already internal wagers at Disney about Iger returning.

    Iger, 70, repeatedly extended his contract after planning to retire in 2015, 2016 and 2018 before abruptly stepping down in 2020. He’s still Disney’s executive chairman until the end of the year.

    It’s unclear if Iger wants to return. He’s already working on a second book, according to The Hollywood Reporter, after publishing one in 2019.

    But Disney shares have stumbled this year, down nearly 20% year to date. Iger owns a lot of those shares. The board and Iger may get restless if Disney+ growth stagnates and the company continues to have turf tensions between executives.

  • Disney’s Bob Iger Blasts CDC’s Updated COVID-19 Guidelines

    Disney’s Bob Iger Blasts CDC’s Updated COVID-19 Guidelines

    Many people have raised concerns after The Centers for Disease Control and Prevention announced a reversal in its guidance about COVID-19 testing including Disney Chairman Bob Iger.

    Iger took to Twitter on Wednesday night to call the shift in guidelines “horrifying”.

    “This is more than disappointing,” Iger wrote. “It is horrifying,” as you can see below:

    After weeks of encouraging those who may have been exposed to the coronavirus but are not showing symptoms to get tested, the CDC announced on Wednesday that new guidelines suggest that asymptomatic people may not need to be tested at all.

  • BREAKING: . Bob Iger Stepping Down as Disney CEO Effective Immediately

    BREAKING: . Bob Iger Stepping Down as Disney CEO Effective Immediately

    Disney CEO Bob Iger, who steered the company through successful purchases of Star Wars, Marvel and Fox’s entertainment businesses, is stepping down immediately, the company said in a surprise announcement Tuesday.

    The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney Parks, Experiences and Products.

    Iger will remain executive chairman through the end of his contract Dec. 31, 2021.

    Iger said it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service in November.

    Iger became chief executive of the home of Mickey Mouse in 2005 after a shareholder revolt by Roy E. Disney led to the ouster of longtime chief Michael Eisner. Iger steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.

    He was the No. 2 highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery’s David Zaslav who earned $129.5 million.

    Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years.

    Chapek is only the seventh CEO in Disney history.

    Chapek was head of the parks, experiences and products division since it was created in 2018. Before that he was chairman of Walt Disney Parks and Resorts since 2015. Before that, he was president of the Disney Consumer Products segment from 2011 to 2015.

  • Bernie Sanders Blasts Disney CEO Bob Iger On Twitter Over $400 Million Pay

    Bernie Sanders Blasts Disney CEO Bob Iger On Twitter Over $400 Million Pay

    U.S. Senator Bernie Sanders took aim at the mouse house today on twitter today calling out, Chairman and Chief Executive Officer of The Walt Disney Company, Bob Iger over his $400 million pay.

    The longtime senator from Vermont asks in a tweet why Iger is paid hundreds of millions of dollars, while workers at Disney theme parks struggle to make ends meet.

    “Does Disney CEO Bob Iger have a good explanation for why he is being compensated more than $400 million while workers at Disneyland are homeless and relying on food stamps to feed their families?” tweeted Sanders. Take a look below.

    Sanders attacked Iger’s hefty pay package, which some estimates say could earn the executive as much as $423 million over the next four years if he hits all of his performance goals.

    Sanders has targeted Disney before.  While on the presidential campaign trail he used the media conglomerate as Exhibit A in what he calls a “rigged economy” at an Anaheim campaign event. “Anybody make a living wage at Disney?” Sanders asked the crowd.

    Sanders was referencing a survey conducted by the Economic Roundtable — which found that 73% of Disney employees who were questioned said they don’t earn enough to pay for such basic expenses as rent, food and gas. It also found that 11% of resort employees have been homeless or have not had a place of their own in the last two years.

    Disney dismissed the study calling it inaccurate and unscientific and paid for by labor groups seeking a pay raise. Disney officials have said that the average annual pay for hourly workers at the resort is $37,000, which calculates to about $17.80 an hour.

    In a Facebook post Iger responded to Sanders: “To Bernie Sanders: We created 11,000 new jobs at Disneyland in the past decade and our company has created 18,000 in the U.S. in the last five years. How many jobs have you created? What have you contributed to the U.S. economy?”

    Sanders has been rallying with Disneyland workers in Anaheim, California, as they pushed for a minimum $15 per hour wage.

    “The struggle that you are waging here in Anaheim is not just for you,” Sanders told Disneyland workers last month at a rally. “It is a struggle for millions of workers all across this country who are sick and tired of working longer hours for lower wages.”

    Iger has thrown around the idea of running for president and he’s shown he willing to hold his ground and fire back, so we’ll have to see if this fizzles out or turns into a full out twitter war.

  • Crown Prince Discusses Disney’s Future in Saudi Arabia With Bob Iger

    Crown Prince Discusses Disney’s Future in Saudi Arabia With Bob Iger

    A delegation of Saudi officials, including Saudi Crown Prince Mohammed bin Salman, met with Disney Chairman and CEO Bob Iger on Wednesday to pitch his bold new plans to build an entertainment industry largely from the ground up to about 250 representatives from major Hollywood financiers and players.

    Saudi Arabia has been undergoing a massive economic and social transformation under the ambitious Vision 2030 reform plan launched by the crown prince two years ago, according to a report from Arab News. A handful of deals have already been secured including one with AMC, the world’s largest movie theater company which as been granted the first licenses to operate movie theaters in the Middle Eastern country after the lifting of a 35-year-old ban on cinemas in the Middle Eastern country.

    At the meeting they discussed potential cooperation in the entertainment, culture and film-making arenas. The meeting highlighted the massive opportunities which exist in the Kingdom of Saudi Arabia, where a solid infrastructure and a massive demand for Disney products and services exist.

    In addition to re-opening cinemas, the country has announced it is lifting the ban on women driving and that it has curbed the powers of its religious police. Women now can also attend sporting events, and Saudi officials are loosening dress-code restrictions for women, who have traditionally been required to cover most of their bodies and faces and be accompanied by male chaperones. The country has established the General Authority for Entertainment (GEA), a government body empowered to meet the massive demand for entertainment in the Saudi kingdom

    The Saudi kingdom, which boasts a population of 32 million and receives millions of Muslims every year for Hajj and Umra pilgrimage, is strengthening its non-religious tourism sector and has plans to issue new guidelines for visas which will open-up the country to visitors from around the world. Saudi Arabia’s Public Investment Fund has just signed an agreement with Six Flags to develop and design an amusement park in Riyadh and one might wonder if Iger and the crown prince might be considering a Disney theme park for the country as well.

    Feld Entertainment and the new GEA are entering a long-term relationship to produce international events, including “Disney on Ice,” “Disney Live,” “Marvel Experience,” and “Monster Jam.” This collaboration also gives Saudis an opportunity to receive training as professional performers.

    The crown prince also met with a group of heads of US entertainment and media companies and discussed areas of cooperation and partnership in the media and entertainment sectors, and reviewed the latest technologies in this regard.

  • Bob Iger Officially Extends Contract As Disney CEO Through 2021

    Bob Iger Officially Extends Contract As Disney CEO Through 2021

    So it looks like any potential presidential run for Chairman and Chief Executive Bog Iger in 2020 is now on hold. Thursday Walt Disney Co. announced that his contract with the mouse has been extended through December 2021.

    The move comes on the heels of Disney announcing its $52.4-billion deal to buy much of 21st Century Fox’s media assets. Iger’s contract extension is no surprise and was expected in the hopes of giving the company stability as it integrates Fox’s assets.

    Iger is no stranger to bringing in new assets and integrating them into the Disney family. After taking over in 2005 he led the acquisitions of Pixar, Marvel, and Lucasfilms giving him experience like no one else. He has the most experience and makes the most sense if the deal is to succeed. The deal is valued at more than $50 billion and a smooth transition is exactly what investors want.

    Disney said Iger was staying “at the request of both 21st Century Fox and the Disney board of directors.” The company’s overall stock-market value has soared with Iger at the helm and the consistency should keep the board and investors at ease.

    Under the terms of his new contract Iger would be well compensated for his efforts, he is expected to receive more than $100 million in stocks based on Disney’s current stock market value.

    According to a regulatory filing his base salary will increase 20% at the beginning of 2018 bringing him to $3 million a year. That will rise to $3.5 million once the Fox transaction closes.

    The deal gives Disney even more time to find a suitable successor.  It will take time to get the necessary federal approvals for the acquisition and even time to integrate the assets after that. Disney has some potential internal candidates in consideration, but it seems increasingly likely the company will look for an outside candidate. It is still possible the deal would see James Murdoch as a replacement after the integration is complete and Iger steps down, but Disney has yet to offer him any position in the company.

     

     

     

     

  • Bob Iger Could Remain CEO in Disney and Fox Deal

    Bob Iger Could Remain CEO in Disney and Fox Deal

    The Disney-Fox deal is heating up once again with new details and this may put investors and the public more at ease. Bob Iger may extend his contract and remain CEO beyond 2019 if the deal goes through.

    It was reported Tuesday that Fox-head James Murdoch could wind up succeeding Iger if the deal went through, but according to multiple sources it’s likely that if it does goes through, Disney CEO Bob Iger will likely remain with the company. He would stay at Disney to oversee any potential merging of Disney and Twenty-First Century Fox assets.

    Iger is no stranger to bringing in new assets and integrating them into the Disney family. After taking over in 2005 he led the acquisitions of Pixar, Marvel, and Lucasfilms giving him experience like no one else. He has the most experience and makes the most sense if the deal is to succeed. The deal is valued at more than $60 billion and a smooth transition is exactly what investors want.

    It will take time to get the necessary federal approvals for the acquisition and even time to integrate the assets after that, which could leave Iger at the helm through 2020, maybe even later. It is still possible the deal would see James Murdoch as a replacement after the integration is complete and Iger steps down.

  • Disney Parks Chief Might Be Bob Iger’s Successor

    Disney Parks Chief Might Be Bob Iger’s Successor

    If experts are right, it would seem that Bob’s still your uncle in the quest to find a new leader of the band for The Disney Company. Disney Parks Chief, Bob Chapek, Might Be Bob Iger’s Successor. After what seemed like an obvious succession plan failed last year when heir apparent Tom Staggs left the company, Disney was left with the difficult task of finding a new chief.

    Staggs was seen as the likely successor after being given his promotion to COO in February 2015, more than two years in advance of Iger’s then-scheduled retirement. But last year he stepped down after being told the board had lost confidence in him.

    There are quite a few options out there, but it seems Disney may be focusing on a business-unit strength — the Parks division — in picking Bob Iger’s CEO replacement. Bob Chapek has delivered steady returns at the helm of Parks and Resorts, the only one of four units to post an increase in sales and profits for the past fiscal year.

    Chapek joined Disney after working in marketing at H.J. Heinz Co., the food-processing company, and at agency J. Walter Thompson. At Disney, Chapek reorganized the consumer-products division, cutting jobs and focusing the business on brands rather than lines of merchandise.

    Chapek’s also worked in the film studio and in consumer products and has emerged as a key contender to take over when Iger departs in July 2019. Iger extended his contract in March) Iger’s postponed his retirement three times with contract extensions but says the latest is the last.

    At the parks division, Chapek has focused on pricing, introducing a tiered system of tickets that cost more during peak times and eliminating some annual passes. He’s searched for ways to get patrons to pay extra for perks such as nighttime events and passes to get to the head of the line in the company’s California parks.