Bob Iger returns to Disney with gratitude, humility and a small wonder

Disney’s Bob Iger addressed House of Mouse staff on Sunday with the shocking news that he is replacing Bob Chapek as CEO almost immediately, noting “an incredible sense of gratitude and humility — and, I must admit, a little of a surprise.” He is not the only one.

The tale of the two Bobs has continued since Chapek surprisingly replaced Iger in early 2020, just as Covid struck, and it became something of a feud as the new CEO reportedly hated the former Pant. A pair of high-profile blunders prompted Wall Streeters and industry insiders to question Chapek’s future with the company, but those voices were muted after Disney’s board appeared to put the matter to rest by voting unanimously in June to terminate his original contract, which expired in February 2023, to be renewed. , with a new three-year contract effective July 1. “Bob is the right leader at the right time for The Walt Disney Company and the board has full confidence in him and his leadership team,” said the board, led by Susan Arnold. then in a statement.

Chapek’s abrupt termination follows Disney’s underperforming fourth-quarter financial results two weeks ago, which were hampered by streaming losses and ongoing fan unrest over theme park pricing.

Read Iger’s full memo below:

Dear colleagues and actors,

It is with an incredible sense of gratitude and humility – and I must admit, a little surprise – that I write to you tonight with the news that I am returning to The Walt Disney Company as Chief Executive Officer.

As I look at the creative success of our teams at our studios, Disney General Entertainment, ESPN and International, the rapid growth of our streaming services, the phenomenal reinvention and revitalization of our parks, the continued great work of ABC News, and so many more accomplishments in our company, I am impressed by your achievements and look forward to many new challenges with you.

I know this business has asked so much of you over the past three years and these times will certainly remain quite challenging, but as you’ve heard me say before I’m an optimist and if there’s one thing I’ve learned from my years at Disney that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and cast achieve the impossible.

You will hear more from me and your leaders tomorrow and in the coming weeks. In the meantime, let me express my deepest gratitude for all you do. Disney holds a special place in the hearts of people around the world because of you, and your dedication to this company and its mission to bring joy through great storytelling inspires me every day.

Bob Iger