In November, Disney announced that their current CEO Bob Chapek would be stepping down, with former CEO Bob Iger filling the role immediately. Though social media was filled with theories as to why Chapek would be leaving, one thing is for certain: Iger’s return may be a good thing for Disney. As the world passed the third year threshold of the COVID-19 pandemic in November, protests recently erupted in China due to lockdown procedures, and the effects of the pandemic continue to impact people the world over — and Disney, too, for that matter.

Most notably, Disney took a massive hit in 2020, losing $2.6 billion, as NBC reports. While the losses during the pandemic cannot solely be blamed on Chapek, they do bring into question how a company that is celebrating its 100th anniversary could be in so much financial trouble. With the announcement of Iger’s return being effective immediately, fans can be sure to see better releases of films, less contractual drama, and a better building of the franchises. The question remains: why did Iger leave Disney in the first place?

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New Game Plan

     Walt Disney Company

In 1999, at the turn of the century, the hysteria around Y2K was that all technology would crash. Obviously that didn’t come to pass, but what did pass is intriguing. Netcials details Disney’s stock between 1999 and 2022. Back in 1999, Disney’s stock was valued at $21 and jumped up to almost $29 by the end of 2000. While the jump is impressive, the stock dipped as low as $15 between 2000 and 2005. While stock is only one measure of a company’s value, with a dip that big, something obviously major happened. Disney’s Renaissance era was full of masterpieces, yet the company struggled with live-action films for families. Between 1999 and 2005, the studios biggest hits made on average $200 million, with Finding Nemo making $300 million. Disney even dipped their toes into a book-to-film franchise with The Chronicles of Narnia, but the sequels flubbed, critically and commercially. Independent franchises like National Treasure weren’t as widely received as other adventure-mystery franchises. As a result, Disney needed a revival, and fast.

Iger’s Accomplishments as CEO

     Disney/Pixar

The quick rejuvenation came with the new CEO Bob Iger, who started in 2005 as detailed by. His plan was to rebuild the company through what it was known for: storytelling and animation. But with studios like Dreamworks, Universal, and Pixar moving into 3D animation and CGI, Iger’s best move was to try to acquire a technological advancement to push Disney forward. Within one year, Iger acquired the biggest animation studio that was breaking barriers in animation and storytelling: Pixar. Between 2006 and 2009, Pixar released four films: Cars, Ratatouille, WALL-E, and Up.

With the success of Disney and Pixar, Iger could move onto something more super. Disney’s acquisition of Marvel was not received well by comic book fans. Yet, Marvel, specifically the MCU, is undoubtedly one of the largest franchises since Star Wars, which was Iger’s third acquisition in 2012. His final acquisition was 20th Century Fox in 2019, one year before he left. With each acquisition under Iger, actors who were virtually unknown or were in need of a career renewal were given center stage. Each production coming from the studio was one baby step further into being more inclusive.

Bob Chapek’s Short Reign

     Marvel Studios

With the massive success of Iger, whoever filled in his shoes would certainly have to carry on the legacy. Basically, Iger is on the same level as The Little Mermaid regarding saving the infamous company. Of course, his exit came at an unfortunate time. Marvel had just wrapped up their third phase with headliners Robert Downey Jr. and Chris Evans leaving the franchise based on their contracts. Star Wars was under heavy backlash from misogynistic and racist fans. (Pixar was doing well with The Incredibles 2 and Finding Dory being some of the top grossing films in the history of the company.) But with the many exits, Disney’s future was uncertain. Bob Chapek, former head of the Disney parks, took over and quickly became a problem. According to Inside the Magic, Chapek’s politics, mass layoffs and hiring freezes, and an array of lawsuits ultimately were his undoing. Namely, he broke his contract agreements with Marvel and its respective franchise lead, Scarlett Johansson, in one of the most publicized lawsuits in years. The Direct explains that Chapek’s support of Florida’s anti-LGBTQ+ bill was what sealed his fate as other top executives requested that he not support the bill.

What’s Next for Disney?

     Lucasfilm

With the stain Chapek has left on the company, Iger’s return is a weary triumph for fans. Considering his jaw-dropping accomplishments between 2005 and 2020, audiences anticipate a return to a somewhat progressive studio. As it stands, there are several problem areas that, hopefully, Iger can repair. The first is streaming, as Disney+ subscriptions have slumped heavily over the past year. Recently, Disney announced a commercial option for $7.99, compared to the non-commercial streaming option that will be raised from $13.99 to $14.99. Obviously the films will be a major focus as they have been somewhat lacking. While inclusion is a priority across the board, seeing more representation could help the company’s image. Though it may appear that Iger came back to repair the company, he is in the position to rejuvenate the company as he once did 17 years ago.