In a report in the New York Times, Ben Smith is reporting that Bob Iger has resumed functional control of the Walt Disney Company as it attempts to sustain through the COVID-19 pandemic.
Catch-Up Quick:
- Bob Iger informed Disney’s Board of Directors in December that he intended to leave as CEO.
- On February 25, Bob Chapek was named Disney’s new CEO and Bob Iger was named the Executive Chairman.
- At the time, it was revealed that Bob Iger would focus on the creative aspects of the company while Bob Chapek would manage day-to-day operations.
- Both Bob Iger and Bob Chapek co-led the company’s annual shareholder meeting on March 11, after which they both flew to Florida while the extent of the impact COVID-19 would have was becoming apparent.
What’s Happening (According to the New York Times):
- Bob Iger has effectively returned to running the company during the crisis and has made this known during company leadership meetings.
- After the pandemic, Bob Iger sees Disney as having fewer employees — although he later told the Times he did not recall making such remarks.
- On the way back from their visit to Walt Disney World, Iger made it clear to Bob Chapek that he would remain closely involved.
- After the main threats of the pandemic have passed, Iger still expects to end traditional practices such as hosting annual advertiser upfront presentations and producing pilots for new shows that might not air.
- Disney is also expected to occupy less office space in the future.
What They’re Saying:
- Bob Iger on CEO Transition: “No surprises … nothing hidden … nothing different or odd to speculate about …”
- Iger on His Role During the Pandemic: “A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!”
- Regarding Reports That He Said Disney Will Have Fewer Employees After the Pandemic: “Regardless, any decision about staff reductions will be made by my successor and not me.”