Disney’s chief executive, Robert A. Iger, has announced his retirement from the post in a shock announcement yesterday.
Iger, who has delayed his retirement a total of four times, was expected to remain in his current position until his scheduled retirement date, 31 December 2021.
He will take on a new role as executive chairman and will continue to be responsible for the company’s “creative endeavours” until then.
The former chief executive will be replaced by Bob Chapek, chairman of Disney’s theme parks and consumer products business, who has worked with the conglomerate for almost 30 years.
Chapek will be the seventh chief executive of the company over its almost century existence.
The decision surprised Hollywood and Wall Street alike and share value of Disney fell by three per cent following the announcement.
Disney’s transfer of power has been tumultuous in the past, most notably Michael D. Eisner’s turn over of a struggling company to Iger.
Iger defended his decision in a phone call to the New York Times. He said “It’s only abrupt in other people’s eyes because we haven’t been talking about it publicly. I have been discussing this with the board for a number of months.
“I basically described what I thought my best use was given that our asset base and strategy are pretty much in place. And that was to fully focus on the creative side of our business and make sure that our creative pipelines are vibrant.”
Of Chapek he said, “I have absolute confidence in his abilities, as does the board, I intend to work very closely with Bob. My goal when I leave here is that he will be just as steeped in the creative part of the business as I am today.”
