Disney CEO Bob Iger revealed what the succession plan is for the company's chairman position. In the first earnings call since taking over his old post, the man in charge explained how he would function as a bridge between what had come before and the future. "And finally, on the topic of succession, The board recently established a dedicated succession planning committee," Iger said. "The committee is chaired by Mark Parker will become chairman of the Walt Disney company's board following her annual meeting. I'm excited to work with them" So, there is a plan in place for him to hold power in the meantime while encouraging the next person to hold the position. Former CEO Bob Chapek was ousted late last year in a move that shocked the entire entertainment industry.
The Challenge Ahead For Disney
Iger continued, "It's an extraordinary privilege to lead this remarkable company again, especially in this special moment in its history. As we celebrate our son Henry, that first became CEO in 2005 have guided the Walt Disney Company through two significant transformations. The first was to confer greater creative control and authority to our creative businesses, and to focus on great brands and franchises. It was also aimed at embracing new technologies expanding internationally. It ultimately led to the acquisitions of Pixar Marvel and Lucasfilm.
"The second transformation took place beginning in 2016, when we laid the foundation for Disney to become a true digital company. As we were planning to launch our streaming platforms, the opportunity arose to acquire numerous assets for 21st Century Fox and that acquisition gave us a bigger library was more franchises," the executive offered. "A broader global reach, and a talented experienced management team that enabled us to generate even more higher quality content. In 2019, Disney plus launched with nearly 500 films, and 7500 episodes of television from across the world at Disney. Three years later, it's meteoric rise is considered one of the most successful rollout in the history of the media business."
"Now it's time for another transformation, one that rationalizes our enviable streaming business and puts it on a path to sustain growth and profitability, while also reducing expenses to improve margins, and better positioning us to weather future disruption increased competition and global economic challenges. We must also return creativity to the center of the company, increased accountability, improved results and ensure the quality of our content and experiences," he added.
"Now the details our company is fueled by storytelling and creativity. And virtually every dollar we earn every transaction, every interaction with our consumers emanates from something creative. I've always believed that the best way to spread great creativity is to make sure that the people who are managing the creative processes feel empowered."
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