Recently returnedDisneyChief Executive Officer Bob Iger has made it clear that the company has no immediate plans to acquire any significant assets soon. The assertion comes as Iger gears up for massive changes to the company.
Iger has served in various high-level executive capacities atDisney, starting as President of the company in 2000, then being made Chief Executive Officer in 2005. He would serve in this capacity for a contracted 15 years, transitioning to Executive Chairman after his contract ended in 2020 and holding the position until new CEO Bob Chapek replaced him. However, this would not last long, as Iger was reinstated asDisney CEO after Chapek stepped down.
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During a town hall, Iger made it clear that the company would not seek to acquire any new assets. “I think they can serve our company and shareholders well for a long time, and there’s no sense of urgency or even interest right now in acquiring anything more, so don’t expect that as a headline any time soon,” he said. This is notable given Iger’s record at the company, having overseen Disney’s acquisition of several notable IPs and other assets over his 15-year stint as CEO, such as whenDisney acquired LucasArts parent company Lucasfilm, giving it control of the extremely popularStar Warsfranchise.
The returning CEO elaborated on his intentions in his first internal memo, “This is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure," Iger wrote. “I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro and Christine McCarthy to work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs, and this will necessitate a reorganization of Disney Media & Entertainment Distribution.” This sort of reorientation was exactly what the company needed to start on. This sort of immediate and decisive action is part of the reason whyIger’s return was seen by many as a big deal.
Iger has always been a boardroom whiz, backed up by his stellar record of overseeing the boom period of elevation for Disney and every new IP that fell under his purview. He is also a notable leader, such as when he forewent his salary during the pandemic, leading to other execs taking pay cuts. While the world isn’t as harrowed as it was when he did that, the company has recently seen disappointing numbers,at least by Disney standards. This, coupled with Chapek’s lack of popularity with employees and fans, likely led to the reestablishment of Iger. The decision seems to be a step in the right direction, with the company’s stock seeing an appreciable rise after the announcement and many fans giving positive feedback.
While things seem to be looking up with Iger back at the helm, it’s still yet to be seen just how much Chapek contributed to the downturns he was blamed for. With almost every market still trying to return to some equilibrium point in the wake of the pandemic, some don’t see Iger as the magic bullet he’s been touted as by others. While he was far more popular than Chapek, it’s worth noting that Iger has had his fair share of being on the back foot, such ashaving to defend Disney’s streaming shift. Whether or not he’ll come through forDisneyin short order remains to be seen.
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