From the Wall Street Journal's "Robert Iger Returns as Disney CEO as Bob Chapek Is Ousted" in Monday's paper:
Walt Disney's board of directors on Sunday night replaced Chief Executive Bob Chapek with Robert Iger, the company’s former chairman and CEO who left the company at the end of last year, according to a company announcement...
The surprise change comes at a tumultuous time for Disney.
This month, the company reported weaker-than-expected fourth quarter financial results, killing the momentum built up over a strong year that saw record revenue and profits in multiple divisions, especially the one that includes theme parks. Disney’s theme park business has recovered strongly since the coronavirus pandemic shut down its venues across the world, but the division continues to subsidize widening losses in the streaming video business.
Mr. Chapek has said repeatedly that he expects the streaming business to be profitable by September 2024. In the most recent quarter, though, it lost $1.47 billion, more than twice the year-earlier loss.
The company also cautioned that its profitability target would only be met if there wasn’t a significant economic downturn, the first time it has added such a caveat. Disney’s stock price shot up 9% to over $100 a share in pre-market trading early Monday.
My take: It was to Iger's Disney that Jobs sold Pixar. And it was Iger who suggested that if Jobs had lived, Apple and Disney might have merged. I wonder, is Iger still interested in making that happen?