Disney CEO Bob Iger Steps Down Abruptly


From wondering. I'm David Brown. And this is business wars daily on this Monday march second big news last Tuesday Disney CEO. Bob Eiger stepped down from his post effective immediately. Yeah it had been rumored for years that the longtime well respected executive would retire sometime. But the announcement suddenness reportedly surprised employees and industry executives according to CNN. Especially since Agar's employment contract is up until the end of twenty twenty one it also shocked investors the announcement on a random Tuesday. One analyst said was stunning. The share price sank on the news even more sharply than the rest of the market which was already in freefall because of Corona virus fears items replacement BOB SHAPE ICK Twenty-seven Year Disney veteran. Who since two thousand fifteen has run? Disney parks and resorts division. He'll have Gargantuan shoes to fill. Bob Iger is known as a fearless risk taker. A guy who believes in the motto in by. He's been at Disney for forty five years. He took the reins for Michael Eisner. Fifteen years back then. Disney was turning a profit of two and a half billion dollars a year according to CNBC. Today it's more than ten billion not surprisingly share prices followed growing four hundred percent over Eiger fifteen years managing the house of mouse that soaring profitability is typically credited do bonus as chief executive. He made enormous bets. Acquiring Lucasfilm Pixar Marvel and last year completing a seventy billion dollar acquisition of Twentieth Century Fox. The result Disney films dominated the box office last year. Grossing more than ten billion dollars according to CNBC if that wasn't enough eiger led Disney into streaming TV sinking billions and creating Disney plus the twentieth century. Fox purchase helped fuel Disney plus by giving it a huge catalog of content. So too did I moved to take back. Disney shows that it had formerly licensed Netflix. Now it's fierce rival. The strategy seems to be working. Disney plus launched only three months ago in November. The company says it now has nearly thirty million subscribers. I group is also known as charismatic. Outgoing executive who loves to HOBNOB The Wall Street Journal says not so much. Pick who the New York Times describes as blunt businesslike and devoted to making his numbers but also quote in love with all things Disney. He has even been known to chat with the Disney characters as he walks through the resorts on Capex Watch Parkson Resort. Prophets grew every year for five years in a row mostly at double digits. According to the journal the newspaper credits the growth expansion of the parks shape lead. Disney's new star wars attractions and the five billion dollars. Shanghai Disney resort but also to what the Journal calls strategic cost cutting parks visitors. Were flat last year. But revenue and profits increased as shaping high ticket prices. During high traffic days. Bloomberg reported following the announcement. Social media was a buzz not just with questions about the abrupt news but also with complaints about unaffordable ticket. Prices Bob I toll. Cnbc and others that his plans to step down were widely known within Disney halls. Just not publicly his reasoning. He said he will become Executive Chairman for the twenty two months left in his employment contract and he plans to devote his time to bolstering Disney's creative content before he leaves the company. Nothing could be more important. As the

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