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Disney brings back Bob Iger as CEO to Boost Growth

After replacing his successor, Bob Iger, Bob Chapek returned to his post as the company’s CEO for two years. If sources are to be believed, he is also the company’s largest shareholder, and his major responsibility is to restructure the company.

According to the sources, the main motto of the comeback is to boost profits and investor confidence in its streaming media unit. To compete with rival Netflix Inc., Disney has been spending billions of dollars to revive its share price.

Iger said top Disney standbys, including Alan Bergman, leader of Disney content studios, ESPN’s James Pitaro and CFO Christine McCarthy, and Dana Walden, head of general entertainment, would work together on Disney’s new building to better maintain the workflows.

According to the reports, the preliminary work of Chapek is to recognize the gaps in the media and entertainment department and to consolidate budgetary actions in the content and distribution divisions.

Both of them had closely worked together when Daniel was head of the Imagineering program, Disney’s theme park designers, and Chapek was head of the parks, experiences, and consumer products group.

Daniel, during his tenure, had worked across several of Disney’s divisions. When Disney closed its acquisition to buy Marvel Studios for around $4 billion in 2009, he had also served as the vice president of distribution strategy at Walt Disney Studios.

In recent years, especially in streaming, Star Wars and Marvel would become key pieces to Disney’s strategy. Further, in their role, Daniel will look after Disney’s streaming services, including Disney+, and domestic television networks and studios.

The day Disney announced the executive shift, the Shares of Disney rose more than 6% in a couple of weeks.

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