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Inside Bob Iger's Sudden Disney Departure as CEO and Hollywood's Surprised Response

• thewrap.com, by Sharon Waxman and Trey Williams

Nearly two weeks after longtime Walt Disney Co. CEO Bob Iger blindsided Hollywood and Wall Street with the news that he was stepping down from the top job to make way for parks leader Bob Chapek, the smoke still hasn't cleared.

Studio executives and Hollywood power players are still asking privately if not publicly about the timing and suddenness of Iger's move to executive chairman, questioning if there isn't more to Disney's explanation that the change had long been in the works.

"This did not look like they had it 'planned,'" said analyst Rich Greenfield, who is often outspoken about Disney. "There is no way that it's as simple as, 'I want to focus on the creative'" — what Iger said he would do in his new role in an investor call last month. "It was not 'planned' the way Disney plans," Greenfield added.

And investors have not reacted well to the transition, pummeling the company's stock by nearly 19%, to $104.35 per share at close of day on Monday. While much of that drop might be attributed to the market-wide sell-off due to the coronavirus scare, the company has seen a steeper decline than the S&P, which has fallen 12% since Feb. 25.


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