Bob Iger returns to executive role at Disney amid coronavirus crisis

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The New York Times reported on Sunday that the former disney ( SAY -5.13% ) CEO Bob Iger effectively took over management of the company. Iger stepped down as head of the company on February 25 and handed over the duties to current CEO Bob Chapek, but it appears circumstances arising from the novel coronavirus pandemic have prompted the former CEO to return to a leadership role. more active leadership.

Chapek remains the company’s CEO, and Iger is still listed in the executive chairman position he assumed after stepping down as chief executive. With unprecedented challenges facing the company due to the coronavirus crisis, Disney shareholders can take comfort in knowing that Iger is taking the initiative to chart the company’s course through uncertain times.

Image source: Disney.

What’s next for Disney?

Iger’s tenure as Disney CEO lasted from 2005 to 2020, and the timing and abrupt announcement of his departure from the post in February added another dimension to investors’ worries about the company’s future. business. The coronavirus pandemic has had a dramatic impact on Disney’s operations and outlook, and the company faces some dramatic near-term headwinds.

The shutdown of sports leagues presents a big problem for the company’s ESPN network, movie theaters are closed, productions and entertainment releases have been delayed, and the company’s theme parks and cruises have ceased operations. disney Stock reached a lifetime high of $153.41 per share in late November, buoyed by strong subscriber numbers for its Disney+ streaming platform and a year of stellar box office performance, but the course of its stock fell to $79.07 in March and is still down more than 30% from its high.

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