Disney Latest News And Technical Analysis - Capital Street FX

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DISNEY BRINGS BACK BOB IGER AS CEO IN A BID TO BOOST GROWTH

Bob Iger is returning to Walt Disney (NYSE: DIS) Co. as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company’s attempt to boost investor confidence and profits at its streaming media unit.

Iger, who retired last year after 15 years as chief executive, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020, just as the COVID-19 pandemic hit, leading to parking closures and restrictions on visitors globally.

Disney’s shares have fallen more than 40 percent so far this year, lagging the nearly 7 percent year-to-date drop in the broader Down Jones Industrial Average.

“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period,” chairwoman Susan Arnold said in the statement.

Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. Shares hit a 20-year low the day after the fourth-quarter earnings.


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