{"id":21771,"date":"2022-11-29T09:24:54","date_gmt":"2022-11-29T14:24:54","guid":{"rendered":"https:\/\/www.beliefnet.com\/columnists\/idolchatter\/?p=21771"},"modified":"2022-11-29T09:24:54","modified_gmt":"2022-11-29T14:24:54","slug":"disney-announces-major-shake-up-after-uproar-over-content-and-massive-stock-decline","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/idolchatter\/2022\/11\/disney-announces-major-shake-up-after-uproar-over-content-and-massive-stock-decline.html","title":{"rendered":"Disney Announces Major Shake-Up After Uproar Over Content and Massive Stock Decline"},"content":{"rendered":"
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The Walt Disney Company, known for its iconic entertainment brands, announced a massive strategic shift last week, with former chief executive Bob Iger returning to the role he left in 2020.<\/p>\n

Iger, who is coming out of retirement after serving as CEO from 2005 to 2020 and executive chairman until his 2021 retirement, will replace Bob Chapek, the chief executive officer who\u00a0succeeded him<\/a>\u00a0just two years ago.<\/p>\n

The stunning development comes as Disney, once an overwhelmingly trusted brand for kids\u2019 content, has been in the culture war crosshairs. Disney announced that Chapek had stepped down and Iger was stepping back up for a two-year role, shocking industry observers. The company\u2019s board said Iger is uniquely positioned to help navigate Disney through challenging contemporary terrain.<\/p>\n

\u201cThe 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,\u201d board Chair Susan Arnold\u00a0said of the<\/a>\u00a0shock move.<\/p>\n

Arnold anticipates a \u201cseamless transition of leadership,\u201d considering Iger\u2019s past connections with Disney leadership. And keeping in mind he left less than a year ago, these relationships are still fresh. The leadership shakeup comes after Disney showed a lower fourth quarter than expected, with stocks\u00a0dropping more<\/a>\u00a0than 40 percent this year. Shares hit a 20-year low after the fourth-quarter report.<\/p>\n

Chapek, for his part, had a rocky tenure. He was forced to deal with COVID-19 shutdowns, among other challenges. Among those issues, Christians and parent groups have been protesting and pushing back against increasing LGBTQ themes in Disney\u2019s content.<\/p>\n