Disney Stock Spikes 9% After Bob Iger’s Sudden Return as CEO
21.11.2022 - 15:33
/ thewrap.com
Wall Street has already embraced the news that Bob Iger has returned as Disney’s CEO, replacing Bob Chapek’s short and tumultuous reign: Shares in the entertainment giant climbed nearly 9% in premarket trading on Monday, to $99.85. Chapek, the former Disney parks chief who himself replaced Iger as CEO less than two years ago, has struggled during his brief tenure amid COVID pressures, economic issues as well self-inflicted management wounds — and Disney’s shaky revenue picture has driven its stock price down 41% since the start of the year.
The company announced a $1.47 billion loss from its streaming business in the most recent quarter, double the amount from a year earlier, and Chapek admitted that its streaming operation would not hit a September 2024 profitability target if there was a recession or other economic downturn. Iger, a famously well-liked CEO, will return for two more years to the company that he previously led for 15 years, from 2005 to 2020.
During that time, he oversaw the acquisitions of Pixar, Marvel Studios, Lucasfilm and 21st Century Fox. During that time he had doubled the company’s revenues from $32 billion to $70 billion.
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