Bob Iger Steps Down as Disney CEO in Surprising Announcement
- Disney announced on Tuesday that Bob Iger will step down as CEO and will instead spend the last 22 months of his contract as executive chairman.
- Iger will be succeeded by Bob Chapek, the head of the company’s parks and resorts unit.
- The announcement surprised many industry analysts and company insiders, who are speculating that there might be more to the reasoning than what was revealed.
- Iger said he plans to help ease Chapek’s transition into the role before leaving altogether, and that the timing of the move was not expedited for any reason in particular.
Bob Iger stepped down as CEO of Disney on Tuesday after 15 years in the role, a change that is effective immediately.
Though Iger’s move was not out of the question, the timing of the announcement was surprising. He still has 22 months remaining on his contract, which the company says he will spend as executive chairman.
Iger, 69, is ending his reign as one of the nation’s most successful CEOs. Under his leadership, Disney has expanded with several major acquisitions, including Pixar, Marvel, Lucasfilm, and much of 21st Century Fox. Iger was also a key player in Disney’s transition into the streaming era, as it was under him that Disney+ launched last November.
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in a statement alongside the announcement.
What’s Next for Disney?
In his new role as executive chairman, Iger plans to focus on more creative aspects of the business as well as help ease the transition of his successor, Bob Chapek. Chapek has most recently served as the head of Disney’s parks and resorts unit.
Though Disney seemed positive about the change, some industry analysts and company insiders were blindsided by the sudden news. After the announcement, Disney’s stock dropped about 3% in after-hours trading on Wall Street.
“Why is the CEO changing today?” Laura Martin, a media industry analyst at Needham & Co, asked The Los Angeles Times. “What is the urgency?”
“This was somewhat of a shock to us as shareholders,” Timothy Lesko of Granite Investment Advisors said to Yahoo Finance. “They’re usually much more scripted than this.”
“No one knew this was coming,” said one senior Disney executive, according to The Wall Street Journal.
According to NBC, Iger said on a phone call with investors after the announcement that the move was “not accelerated by any particular reason.”
Chapek beat out a handful of projected potential successors, including direct-to-consumer chairman Kevin Mayer, who recently oversaw the successful launch of Disney+. Some on Wall Street thought the CEO title would go to Mayer.
“The market had no warning,” Richard Greenfield, partner of Lightshed Partners, said to The Los Angeles Times. “The big question remains: What happens with Kevin Mayer? … It was Kevin Mayer’s job to lose.”
Chapek, for his part, is eager to step into the role. He has experienced success at the company himself; in recent years he has overseen the two major additions of Star Wars: Galaxy’s Edge attractions in Disney theme parks in both Anaheim, California and Orlando, Florida.
“When I was growing up in Hammond, Indiana, the son of a World War II veteran and working mother, my parents would take us on a family vacation to Walt Disney World every year,” Chapek said on a call with analysts, according to Business Insider.
“That young boy could have never imagined that one day he would get the chance to lead this extraordinary company as the seventh CEO in its nearly 100-year history,” Chapek added.
See what others are saying: (Los Angeles Times) (NBC) (Wall Street Journal)
Max to Agrees to “Properly” Credit Writers and Directors After Facing Backlash For Lumping Them in As “Creators”
The company said the credits were laid out incorrectly due to “an oversight in the technical transition from HBO Max to Max.”
After film and television writers slammed Max for crediting all writers, producers, and directors as general “creators” on its platform, the company said it will be adjusting its credits display.
“We agree that the talent behind the content on Max deserve their work to be properly recognized,” the streaming service said in a statement obtained by The Hollywood Reporter.
Max — the new rebrand of HBO Max that incorporates Discovery content — launched on Tuesday to much criticism. Amid glitches and app-switching confusion, the biggest backlash it faced was over the choice to lump creative roles into one credit section called “creators.” As one viral tweet noted, if a user were to select the film “Raging Bull,” the service’s display would not specifically credit Martin Scorsese as the director, rather, his name would be included at random with half a dozen other people, including writers and producers.
The decision was condemned by many in the industry who argued it minimizes writers and directors by not properly giving them credit where it is due. Especially amid the ongoing writers’ strike, and with directors and actors starting negotiations with studios, some took it as a slap in the face.
“The studios don’t want anyone to know our names,” writer Christina Strain tweeted. “It’s easier to pay us nothing if we’re faceless.”
“Another move from studios to diminish the role of writers, directors, actors and other craftspeople. Miss me wit this nonsense,” Jorge Rivera, the Vice-Chair of the Writers Guild’s Latinx Writers Committee, added.
In a statement, Directors Guild President Lesli Linka Glatter said that Warner Bros. Discovery’s choice to “collapse” these roles into one credit “while we are in negotiations with them is a grave insult to our members and our union.”
“The DGA will not stand for it,” Glatter continued.
WGA West President Meredith Stiehm claimed the move was “a credits violation,” as well as an insult “to the artists that make the films and TV shows that make their corporation billions.”
On Wednesday, Max said it would rework its crediting.
“We will correct the credits, which were altered due to an oversight in the technical transition from HBO Max to Max and we apologize for this mistake,” the platform said.
See what others are saying: (Gizmodo) (The Hollywood Reporter) (The Los Angeles Times)
A Quarter of Young British Men Support Andrew Tate’s Thoughts on Women
U.K. residents at large, however, do not view him favorably.
Even under house arrest in Romania, misogynist influencer Andrew Tate still holds substantial sway over young men.
According to data from YouGov that was obtained by The Independent, 26% of U.K. men between 18 and 29 years old who know of Tate agree with his views on women. That figure was largely the same for men between 30 and 39, as 28% agreed with Tate’s opinions on the subject.
Men in their 30s were slightly more likely to agree with Tate on his thoughts about masculinity. Three out of ten supported those views, compared to just a quarter of men 18 to 29.
Those statistics only include the thoughts of men who have heard of Tate, but per YouGov, most have. In the 18 to 29 group, 93% were familiar with him, and 86% of men in their 30s knew of him.
The U.K. at large was less aware of Tate, with just 63% of British adults having heard of him. Of that group, only 6% held a positive view of him.
Tate has faced substantial backlash for his sexist rhetoric over the years. In the past, he said that men should have “authority” over their wives or girlfriends, and that women should “bear some responsibility” for being raped. He was previously banned from Twitter over his extremist views on women but has since been allowed back on the platform.
He is currently being investigated in Romania for organized crime and human trafficking. He was arrested and held in custody in December but was released to house arrest earlier this year. No formal charges have been filed against him yet and he has maintained his innocence.
Tate currently boasts a Twitter following of 6.7 million. It has grown significantly since he was enveloped in legal controversy, and many of his supporters have demanded his release.
See what others are saying: (The Independent) (Glamour U.K.)
Prince Harry and Meghan Markle Involved in “Near Catastrophic” Paparazzi Chase
“While being a public figure comes with a level of interest from the public, it should never come at the cost of anyone’s safety,” a spokesperson for the couple said.
“Aggressive” Paparazzi Chase Couple in New York
Prince Harry and Meghan Markle were involved in a “near catastrophic” paparazzi car chase Tuesday night in New York City, according to a spokesperson for the couple.
In a statement, the spokesperson described the photographers as “highly aggressive.”
“While being a public figure comes with a level of interest from the public, it should never come at the cost of anyone’s safety,” the statement added.
“This relentless pursuit, lasting over two hours, resulted in multiple near collisions involving other drivers on the road, pedestrians and two NYPD officers,” it continued.
Details of the incident are still emerging, but BBC News reported that there are claims the chase involved roughly six cars driving recklessly by running red lights, driving on the sidewalk, carrying out blocking moves, going backward on a one-way road, and taking pictures while driving.
The chase happened after Harry and Meghan were leaving the Women of Vision Awards with Meghan’s mother, Doria. They did not want photographers to learn where they were staying and attempted to avoid them in what turned into a 75-minute chase on a main road in Manhattan’s Upper East Side. They eventually ducked into a New York Police Department Precinct to hide out before getting into a different vehicle.
The NYPD released a statement confirming that they assisted in protecting the couple as “numerous photographers” hindered their transport. Officials said they made it to their destination and there were no collisions, injuries, or arrests.
The couple’s spokesperson is asking the public to not share or post footage of the incident.
“Dissemination of these images, given the ways in which they were obtained, encourages a highly intrusive practice that is dangerous to all in involved,” the spokesperson said.
Memories of Princess Diana
The chase evokes the brutal press hounding Harry’s mother, Princess Diana, was subjected to throughout her life. The paparazzi’s obsession with her ultimately resulted in her death in 1997, when she was killed in a car crash after being chased by photographers in Paris.
Since marrying Meghan and later bowing out of the Royal Family, Harry has made it explicitly clear that he fears those events could happen again. Meghan has been the subject of endless tabloid scrutiny, enduring racism and harassment from the press. Part of the reason they left the Royal Family was to keep their family protected from such attacks.
Mayor Eric Adams brought up Diana’s tragic passing while speaking about Tuesday night’s chase.
“I don’t think there’s many of us who don’t recall how [Harry’s] mom died,” Adams said while speaking to reporters. “And it would be horrific to lose an innocent bystander during a chase like this and something to have happened to them as well…I think that was a bit reckless and irresponsible.”
Adams also questioned whether or not he believes a chase could go on for two hours in a city as congested as New York, but noted that even a 10-minute chase would be dangerous. He said he will be briefed on the exact timeline and details later.