Reed Hastings reacted to the news that Bob Iger was coming back to Disney.
Hastings wanted Iger to run for president.
Iger contemplated running for president in the past but decided it was too idealistic.
The news that Bob Iger is rejoining Disney as CEO took those in the business world by surprise.
That's really bad. Hastings had been hoping that Iger would run for president. He's amazing.
—Reed Hastings (@reedhastings) November 21, 2022
Less than three years after Iger passed the torch to him, he chose Bob Chapek as his successor, making him the new leader.
Even though the 71-year old has said in multiple interviews that he wasn't interested in returning, Iger's decision to step up as CEO again stunned Wall Street. A group of high-level Disney employees told Disney's board that they were considering leaving the company due to their displeasure with the leadership.
Iger has entertained the idea of running for president before.
After his wife told him that it would ruin their lives, Iger decided not to run for president.
He considered running for president again in the wake of the Trump presidency. He decided against it despite the resistance from his family.
Iger told Variety that he was naive about his leadership abilities and chances of winning when he was a candidate. He considered running as a Democrat but decided against it because he was worried that the Democratic party wouldn't support a successful businessman.
Iger will once again compete with the other companies for customers.
Hastings said during an earnings call that he didn't see Disney's streaming services as a threat to the company, but rather a great opportunity.
Five years ago, Disney's total subscriber base was still small, but today it is larger than any other streaming service. Recently, the service rolled out its first-ever ads-supported tier, which was a result of its own challenges.
Disney's loss in revenue from its direct-to-consumer segment spooked Wall Street and caused Disney shares to plunge to their lowest point in 52 weeks.
Under a two-year contract, Iger will attempt to right the ship and find a new successor.
Business Insider has an article on it.
All Rights Reserved © 2024
