Page 30 - ARUBA TODAY

A30 PEOPLE & ARTS
Thursday 27 February 2020

Disney CEO Bob Iger steps down in

surprise announcement

By MAE ANDERSON and vice in November. That and protest from dissident
TALI ARBEL AP service got nearly 29 million shareholders Roy E. Disney
Business Writers paid subscribers in less than and Stanley Gold.
NEW YORK (AP) — Disney three months. In a state- But he has come to be
CEO Bob Iger, who steered ment, Iger said it was the seen as a golden-boy top
the company's absorption "optimal time" for a transi- executive, and even some-
of Star Wars, Pixar, Marvel tion. one who could run for pres-
and Fox's entertainment Pivotal Research Group ident.
businesses and the launch analyst Jeffrey Wlodarc- Iger told Vogue in 2018 that
In this Dec. 16, 2019, file photo, Disney CEO Robert Iger arrives
at the world premiere of "Star Wars: The Rise of Skywalker", in Los of a Netflix challenger, is zak said Iger had implied he had started seriously ex-
Angeles The Walt Disney Co. stepping down immedi- he would stay until his con- ploring a run for president
Associated Press ately, the company said in tract ended in 2021. because he is "horrified at
a surprise announcement "On the other hand, they the state of politics in Amer-
Tuesday. just successfully closed ica today," but the Fox deal
The Walt Disney Co. named the Fox deal and had an stopped his plans. Oprah
as his replacement Bob unquestionably success- Winfrey told Vogue that
Chapek, most recently ful launch of Disney Plus she "really, really pushed
chairman of Disney's parks, so maybe he felt earlier him to run."
experiences and products was better to hand off the Iger, a former weather-
business. reins," he said. man, joined ABC in 1974, 22
"Did not see this coming Colin Gillis, director of re- years before Disney bought
-- Wowza," tweeted Light- search at Chatham Road the network.
Shed media analyst Rich Partners, said the choice At ABC, Iger developed
Greenfield. of Chapek seems solid be- such successful programs
Iger will remain executive cause his parks division has as "Home Improvement,"
chairman through the end had success. "The Drew Carey Show,"
of his contract on Dec. Chapek said that while he and "America's Funniest
31, 2021. Besides leading has not led television net- Home Videos" and was
the board, Iger said he works or streaming services, instrumental in launch-
will spend more time on his background in con- ing the quiz show "Who
Disney's creative endeav- sumer-oriented businesses Wants to Be a Millionaire."
ors, including the ESPN should help. He was also criticized for
sports network, the newly Chapek and Iger both cancelling well-regarded
acquired Fox studios and stressed that Disney would but expensive shows such
the Hulu and Disney Plus continue on the direction it as "Twin Peaks" and "thirty-
streaming services. He said had already been taking. something."
he could not do that while Disney is facing challeng- Since Iger became CEO,
running Disney on a day-to- es to its traditional media Disney's stock price has
day basis. business as cord-cutting risen fivefold. Its stock fell
"It was not accelerated for picks up, meaning less more than 2% in extended
any particular reason other fees from cable and sat- trading following the an-
than I felt the need was ellite companies to carry nouncement, on top of a
now to make this change," Disney networks such as broader market selloff on
Iger said on a conference ABC, ESPN and Freeform. virus fears during regular
call with reporters and ana- Disney's own streaming ser- trading.
lysts. vices require the company Iger, 69, was the second-
Iger steered Disney through to forgo money in licens- highest paid CEO in 2018,
the successful purchases ing revenue, although the as calculated by The Asso-
of Lucasfilms, Marvel, Pixar company is betting that ciated Press and Equilar, an
and other brands that be- money from subscriptions executive data firm.
came big moneymakers will eventually make up for He earned $65.6 million.
for Disney. that. The top earner was Dis-
Last year, the top five mov- In the short term, Disney covery's David Zaslav who
ies in U.S. and Canada the- parks in Hong Kong and earned $129.5 million.
aters were all Disney mov- Shanghai, China, remain Susan Arnold, the indepen-
ies, including two from Mar- closed because of the dent lead director of the
vel and one from Pixar. coronavirus outbreak. In a Disney board, said succes-
With the Dec. 20 release of CNBC interview, Chapek sion planning had been on-
the latest "Star Wars" movie, said the outbreak may be going for several years.
Disney had seven movies a "bump in the road," but Chapek, 60, is only the sev-
that each sold at least $1 he said the company could enth CEO in Disney history.
billion in tickets worldwide weather it given "affinity for Chapek was head of the
last year. the brand." parks, experiences and
Iger's most recent coup Iger told CNBC he had no products division since it
was orchestrating a $71 plans to stay with Disney was created in 2018.
billion purchase of Fox's beyond next year. He was previously head of
entertainment business in Iger's appointment as CEO parks and resorts and be-
March and launching the in 2005 had been accom- fore that president of con-
Disney Plus streaming ser- panied by controversy sumer products.q