The Return of The King!21 Nov 2022 13:57
"Walt Disney (NYSE:DIS) stock rose 9% in premarket on the news that Bob Iger, who grew the company’s value five-fold in his 15 years as CEO, is back.
Iger has been given a two-year contract with “a mandate from the Board to set the strategic direction for renewed growth.”
The Mouse House has given up on Iger's successor, Bob Chapek, having seen the company’s stock lose nearly half its value in the last 12 months due to the mounting costs of fighting Netflix (NASDAQ:NFLX) for supremacy in the streaming market.
Chapek has had his fair share of bad luck during his three-year stint, as the pandemic wrought havoc with its theme park and cruise businesses – as well as its movie production and distribution. He’s also been caught in the middle of a culture war between Governor Ron DeSantis and the artistic community over Florida’s so-called “don’t say ***” law."
Disney have brought in the big gun on a 2 year contract to set the strategic direction for renewed growth!! Wonder what direction that could be ;)