Dec 1, 2022

A look back at Bob Chapek's time as CEO of The Walt Disney Company.

In an incredible move, Bob Iger has returned as CEO of The Walt Disney Company, succeeding the outgoing Bob Chapek.

February 2020: In a shocking move, Bob Iger stepped down as CEO of The Walt Disney Company and was replaced by the relatively unknown Bob Chapek, surprising analysts and industry insiders.

March 2020: just weeks after Chapek was named CEO, Disney was forced to close its theme parks and movie theaters due to the Covid 19 epidemic.

April 2020: columnist Ben Smith claims in a New York Times profile that Iger has quietly taken back the reins of Disney.

August 2020: hit by a pandemic, Disney posts its first quarterly loss in nearly two decades.

October 2020: Chapek makes the biggest decision of his short tenure, announcing a major reorganization of its media and entertainment businesses with an eye toward streaming strategies and streamlining.

March 2021: Chapek second-guessed streaming, stating that Disney would not return to the traditional 75-90 day theatrical release period for new releases. Two weeks later, Disney cancelled the theatrical release of Pixar's "Luke" altogether.

May 2021: Disney pushes the shift from traditional distribution to streaming, this time closing 100 international TV channels.

January 2022: In a staff memo, Chapek outlines the "three pillars" of Disney's success: storytelling excellence, innovation, and a relentless focus on the audience. Shortly after the memo, Chapek told Fortune magazine that the company is collecting "very deep and rich data" that it will use to expand into the metaverse.

March 2022: Disney-Pixar Animation Studios employees criticize the Walt Disney Company's low-key position on Florida's Parents' Bill of Rights in Education and "almost every moment of overtly gay affection" in Pixar films. issued an unprecedented letter accusing management of censoring the film. Chapek then issued a weak apology via an employee memo and said he would suspend political contributions in Florida, prompting Governor Ron DeSantis to condemn the "enlightened corporation."

April 2022: Governor DeSantis takes his feud with Disney to the next level, revoking Disney's longstanding autonomy in Florida.

May 2022: A group of U.S. senators condemns Disney for opposing the "Don't Say Gay" bill, while demanding that the TV ratings be adapted to include trigger warnings for LGBTQIA+ characters. Shortly thereafter, Senator Josh Hawley proposed amending copyright law, specifically accusing "enlightened companies like Disney" of attacking current standards.

June 2022: Pixar's "Lightyear," which was banned worldwide for containing same-sex kissing, is finally released. Many analysts have suggested that the film's struggles were at least partly due to Disney's overemphasis on streaming distribution. Soon after, despite the turbulence of the previous months, Chapek received a vote of confidence from the Disney board in the form of a three-year contract extension.

November 2022: After a historically poor fourth quarter earnings release, financial analyst Jim Cramer calls for Chapek's firing. Following the earnings announcement, Disney stock plummets to its lowest level since March 23, 2020, leading to layoffs, hiring freezes, and restrictions on employee travel. Meanwhile, Walt Disney Animation Studios' latest film, "Strange Worlds," bombed during the Thanksgiving holiday, with analysts predicting the film will lose $100-150 million.

Then in late November, it was announced that Chapek would step down and Iger would return to replace him for the next two years.

One of Iger's main tasks in returning to his former duties will be to reverse the plunge in Disney stock, which is tipped for its worst annual loss since at least the 1970s.

The market's initial bullish reaction to Iger's return is not surprising. During his 15 years as CEO, Iger oversaw the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox, and increased the company's market capitalization fivefold.