Bob Iger said he looked expansively at traditional media when he came out of retirement to return to Disney as CEO in November 2022.
The CEO handily beat back activist Nelson Peltz, but his declaration that the culture wars have ‘quieted down’ is wishful thinking
Bob Iger's interview came just a day after Disney investors backed him and other company directors in a proxy battle with activist investors
Expect stagnation and half measures while Iger stays in charge
Disney has accused Florida Governor Ron DeSantis and his supporters of "weaponizing" the state government to punish it for exercising free-speech rights last year when the company criticized a state measure banning classroom discussion of sexuality and gender identity with younger children.
After initially trying to stay neutral, Disney opposed Florida's Parental Rights in Education Act - referred to by opponents as the "Don't Say Gay" bill - that restricts classroom discussion of sexual orientation and gender identity.
Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers.
Reversing losses from streaming will be a huge challenge even as cost cuts and an end to a proxy fight give the newly returned CEO some breathing room
The layoffs represent an estimated 3.6% of Disney's global workforce.
The entertainment giant did not immediately respond to a Reuters request for comment.
Why are boards in India reluctant to sack a misfiring CEO? Partly, it is to do with the comfortable relationship that most members enjoy with the CEO of the company stemming from past relationships which are often the reason they are drafted in
Iger was transformative at Disney, buying assets such as Pixar, Marvel, Lucasfilm and 21st Century Fox — moves that sent the stock soaring almost 500% during his 15-year tenure.
Elsewhere in the Disney empire, however, loyalists were missing him. Within days, Iger, 71, would be back at the helm of the company he ran for 15 years and Bob Chapek, his handpicked successor, would be gone, news that Disney announced to the world on Sunday evening.
“Over the coming weeks, we will begin implementing organizational and operating changes within the company,” Iger said Monday in a memo. “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.”
Bob Iger reportedly regretted his decision to name Bob Chapek as his successor at Disney after his first stint.
The change, a surprise turn of events for the world's largest media company, was effective immediately, Disney said in a statement.
The company said in a blog post that Iger will mentor its founders as they build companies across industries such as health care, consumer technology, financial services and enterprise software.
Disney was contemplating buying Twitter in 2016 because as former CEO Bob Iger said, "It would be an excellent way to distribute Disney’s content around the world."
Facing questions regarding his inclusion on the council at the Disney's annual shareholders meeting, the chief executive said he had no plans to step down from the group, as some critics have urged him to do.
Investor favourite Iger's current contract ends in June 2018, and shareholders are eager that he is replaced by a steady pair of hands. In Iger's 12 years at the helm of Disney, the company's shares have more than tripled in value, compared to roughly a doubling of the S&P 500.
Staggs will remain employed by Disney as a special adviser to Iger through the company's fiscal year. He will step down from his current role effective May 6. and will leave the company at the end of the fiscal year, Disney said Monday.
Genentech Inc Chairman Arthur Levinson will become chairman, replacing Jobs.