Disney CEO Bob Iger responds to recent speculation of a sale to Apple following his return to the position upon Bob Chapek’s sudden departure. Iger originally succeeded Michael Eisner as CEO in 2005, holding the position until his original departure in 2020. Under Iger’s original tenure, the Walt Disney Company saw the major acquisitions of Pixar, Marvel Entertainment, Lucasfilm, and the entertainment assets of 20th Century Fox, while also expanding the company’s theme park ventures and reshaping its strategies.
As reported by THR, Iger addressed recent rumors surrounding his intentions for the company’s future during a town hall meeting after his first day as Disney’s returning CEO. It had previously been reported by insiders that the CEO had been considering a merger with Apple, where he previously served on the board of directors, to address missteps taken during Chapek’s tenure and to solidify his legacy. However, Iger dismissed the rumors as “pure speculation,” before reaffirming his commitment to taking moves to help reinvigorate the company’s profits first and foremost before any further high-profile decisions.
Why Iger Returned To Disney To Replace Chapek
Iger’s Disney return came as a surprise to many, with the former CEO having only resigned from the company in 2020. However, it is undeniable that the company took great strides under his leadership through its theme park developments both globally and domestically, acquisitions of various companies, and reprioritizing the studio’s animation efforts. As such, it is understandable why higher-ups at the company may see him as an ideal candidate to replace Chapek following his departure, as the company saw expansion and highly-profitable ventures at both the box office and at their parks.
Under Chapek, The Walt Disney Company faced a number of public controversies and poor decisions. The CEO faced criticism for the company’s stance on Florida’s “Don’t Say Gay” law following reports that the company had funded anti-LGBTQ+ legislators behind the bill, casting doubt on Disney’s pro-LGBTQ+ image. Disney’s position was called out by audiences, several creative talents who’d worked with Disney, charities, and advocacy groups, who further critiqued Chapek’s initial refusal to address the legislation. Chapek’s tenure also saw the company pivot towards releasing certain films through Disney+ during the COVID-19 pandemic. While the decision was positively received during the pandemic, it also met scrutiny from numerous figures across the industry and within Disney’s studios, including Iger upon news of Scarlett Johansson’s lawsuit following the decision to release Black Widow simultaneously through theaters and Disney+. With the company reporting that it fell short of profit expectations during its fiscal fourth quarterly report on November 8, Chapek was suddenly dismissed from his position.
With The Walt Disney Company’s vast domination over the industry and pop culture through its various properties and business ventures, many were surprised by reports of Iger’s rumored intention to sell the company to Apple. While Chapek’s tenure saw the company subject to numerous controversies and failures, Iger’s return may be seen by higher-ups as an attempt to revitalize the company as he did following the tumultuous final years of Michael Eisner’s reign, rather than having to result to an immediate merger. With Iger reportedly ultimately regretting Chapek’s appointment and immediately dismissing the possibility of a sale to Apple, it may be possible that the returning CEO already has long-term plans to help return Disney to its former successes.
Source: THR
