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The Walt Disney Company recently disclosed that Bob Iger will return as the company’s CEO replacing Bob Chapek. The news was announced by Disney's board of directors on November 20, 2022, with the chairman of the board, Susan Arnold, stating:
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Before his exit, Chapek had signed a new contract in June 2022. In an email to the employees, Iger mentioned that he will return with a sense of gratitude and humility.
The Board also stated that Iger’s new term will be temporary and that he has agreed to serve as CEO for two years with a Board’s mandate to set the strategic direction for renewed growth and work with them to develop a successor to lead the company after he completes his term. Iger also spoke about his return in a statement and said:
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe – most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”
The statement continued:
“I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
Bob Iger mentioned in a note that he will address the company on Monday, 21 November 2022, and added that although the company had to face many challenges, he learned while working at Disney that its employees and cast members achieve the impossible even in the face of uncertainty.
Bob Iger’s fortune explored
Although Bob Iger gained recognition as the CEO of The Walt Disney Company, he was also the president of ABC Television from 1994 to 1995. He was chosen as the President of Disney in 2000 and succeeded Michael Eisner as CEO in 2005.
Iger was the head of ABC Entertainment in 1989 and became the President of ABC Network Television Group and the Vice president of Capital Cities/ABC in 1993. He became COO of Capital Cities/ABC in 1994. Although The Walt Disney Company acquired Capital Cities/ABC in 1996, Iger remained its COO and later became the president.
According to CelebrityNetWorth, the 71-year-old’s net worth is estimated to be around $350 million. While his term as The Walt Disney Company’s CEO brought huge profits for the company, it equally contributed towards his overall earnings.
Bob Iger announced the acquisition of Pixar in 2006 and the transaction was estimated to be around $7.4 billion. Bob then acquired Marvel Entertainment for $4 billion in 2009 and became the board’s chairman and member of the board of directors of Apple, Inc. in 2011.
Iger then purchased LucasFilm for $4 billion in 2012 and The Walt Disney Company was able to grab the rights to the Indiana Jones and Star Wars franchises. The acquisitions were costly, but the company experienced a return on its investment in a few years. Disney recouped $4 billion from Marvel's acquisition in 2014, with The Force Awakens earning $2 billion at the box office in 2015.
Disney completed the acquisition of 21st Century Fox with the assistance of Iger in 2018 and his term as CEO was extended. Disney extended the contract twice in 2017 but Bob Iger stepped down in 2020. Bob Iger's $1.8 million in Disney stock had a market value of $130 million, and he earned between $40 and $50 million in total compensation until his retirement.
Bob Iger earned $44.9 million in annual salary in 2015 and according to Forbes, he earned $3 million in 2019 alongside a bonus of $21.8 million. He earned $19.6 million from stock awards and options summing up his earnings to $47.5 million. Iger donated $5 million in January 2021 to help small businesses struggling to survive following the Covid-19 pandemic.
