Iger takes back control

Published by Alice Jaspars on April 14th 2020, 10:10am

Bob Iger’s fairy tale ending has been postponed, following his decision to take back control of the Disney group during the coronavirus pandemic.

Disney is losing an estimated $30 million a day during the pandemic, as theme parks remain shut, film releases postponed, and ESPN without sports to show.

Prior to the pandemic, Iger had planned to ride into the sunset following his 15-year tenure as chief executive coming to a close. His successor, Bob Chapek, the head of Disney’s theme park, took over on 11 March.

However, Iger decided to remain at the helm of Disney during the pandemic and has already made clear that he is waiving his $3 million salary.

He told the New York Times: “A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob and the company contend with it, particularly since I ran the company for 15 years!”

Prior to the pandemic, Iger had intended to act as the company’s “executive chairman” to help Bob Chapek’s transition into the role be as smooth as possible.

However, recent events have led Iger to take on the helm once more, for an indefinite time period, ousting Chapek from a role he had held for a matter of weeks.

According to analysts, the company may face a decline in visitors somewhere in the realm of 11 million, at a cost of $500 million.

In March the company borrowed $6 million to financially support the company, and it is believed that from next Monday some 70,000 employees will be furloughed. Iger made clear that any and all decisions regarding the employ of staff falls to his successor.

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Authored By

Alice Jaspars
Culture Editor
April 14th 2020, 10:10am

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