Disney boss Bob Iger is ‘overwhelmed and exhausted’ as he extends his contract for three more years while he battles plummeting share prices and challenges to his leadership.
Iger served as the company CEO from 2005 to 2020, but came out of retirement in early 2021 when Disney’s worth fell below $160 billion – less than half what it had been when he left.
In September, Iger revealed the company will ‘quiet the noise‘ around cultural issues because it has shown to be bad for business.
Billionaire investor Nelson Peltz is eyeing up a seat on Disney’s board again as he ramps up his stake in the company and tries to reignite a proxy war he started in January to obtain a director position.
Members of Iger’s inner circle told Bloomberg the House of Mouse boss is ‘overwhelmed and exhausted.’
Members of Disney CEO Bob Iger’s (pictured) inner circle say he is ‘overwhelmed and exhausted’ during his second tenure in the role
Billionaire Nelson Peltz (left) pictured with his daughter Nicola (right). The activist investor now owns $2.5 billion of Disney shares
Disney stock has plummeted since Iger left his role as CEO in 2020. Shares have dropped over 12 percent in the last year, even reaching a decade all time low of $83.60 before currently bouncing up to $84.99
The company shares have tumbled 12.5 percent over the last 52 weeks from $95.16 to a decade-long low of $83.60. Currently, shares are at $84.99.
His successor, Bob Chapek, was marred by dropping stock prices and at battle with Florida lawmakers.
Chapek started the war with the Florida government when he criticized Ron DeSantis’s so called ‘Don’t Say Gay’ bill.
The Republican governor shot back at the company and accused them of being ‘woke,’ which they argue was a First Amendment violation.
In his first tenure as CEO, Iger saw 15 years of corporate growth. He was hailed for his acquisitions of Pixar, Marvel Entertainment, Lucasfilm and 21st Century Fox.
He built Disney+, launched new cruise ships and opened a theme park in Shanghai.
After he left, Iger was reportedly frustrated with Chapek’s leadership, calling him ‘incompetent.’ He plotted with CFO Christine McCarthy to oust him and take the company back.
Since he took back the reigns, DeSantis targeted Disney’s special tax district, replaced the board of it with his allies and led the charge to change the name from the Reedy District to the Central Florida Tourism Oversight District.
Before the DeSantis-picked board took control, Disney created development contract for future investments. Those were thrown-out by the new board, which led to a federal lawsuit.
Disney’s CEO at the time, Bob Chapek (pictured), started the battle with the Florida government after he criticized the so called ‘Don’t Say Gay’ bill
Florida’s Republican Governor Ron DeSantis (pictured) targeted Disney’s special tax district, replaced the board of it with his allies
Iger (pictured) revealed in September the company will ‘ quiet the noise ‘ around cultural issues because it has shown to be bad for business
Disney has since dropped a massive chunk of its federal lawsuit against the Florida Governor.
They asked a federal judge for permission to file an amended complaint focusing just on the First Amendment claim, which has been approved.
DeSantis has urged Disney to drop its case because he has moved on to run for president.
Over the summer, Iger slammed actors who were going on strike saying they ‘are not being realistic’ and are being ‘disruptive’ to the industry in an interview with CNBC.
Actors were outraged from his comments. SAG-AFTRA president Fran Drescher said Iger is ‘tone deaf’ and ‘repugnant.’
‘If I were that company, I would lock him behind doors and never let him talk to anybody about this,’ she said.
Now Peltz, father of Brooklyn Beckham’s wife Nicola, is once again vying for a spot on the company’s board. The billionaire now owns around $2.5billion worth of Disney shares after his company boosted the number they hold to around 30 million.
Peltz’s first proxy war in January called on Disney to ‘restore the magic’ amid criticism the media conglomerate had become too political.
He withdrew from the initial fight after Iger unveiled a cost-cutting plan involving 7,000 layoffs and restructuring to save around $5.5 billion.
Iger has extended his contract until 2026 and hinted that he will re-retire at that point, once a proper successor has been found and named.
Since his return, Iger restructured Disney into three new pillars: Entertainment, Parks, Experiences and Products and ESPN.
A recent SEC filing shows they will spend $60 million over the next 10 years on its parks and cruise lines – and Walt Disney World in Orlando is expected to be at the forefront of the investment.
Disney has slashed the price of children’s tickets to as low as $50 in a bid to boost ticket sales.
The company has been faced with loss from the Disney+ streaming business, which is expected to become profitable only next year.
Iger served as the company CEO from 2005 to 2020, and was hailed for building the streaming service Disney+. He came out of retirement in early 2021 when Disney’s worth fell below $160 billion
Peltz (pictured) first launched a proxy war in January which called on Disney to ‘restore the magic’ amid criticism the media conglomerate had become too political. He backed off when Iger agreed to make cuts, but appears to be ramping up again
Iger is working to mend the company’s significant financial setbacks. They face an estimated loss of nearly $900 million after a series of disappointing woke films
The movie division, which thrived under Iger’s first tenure, has been hemorrhaging.
The company is facing an almost $900 million loss following a series of woke flops at the box office.
Disney TV division is also seeing losses and some believe Iger plans to sell off Disney to Apple Inc.
In April, the boss gifted 30,000 of the companies employees physical copies of Steve Jobs’ posthumously published collection of speeches and notes.
Iger has found himself increasingly isolated and according to Disney executives he has tapped overlooked successors Kevin Mayer and Tom Staggs to help him sell off parts of the business.
He sailed the Amalfi Coast in August before delivering a subpar earnings report. Then in September, when share prices reached their lowest, he was laid up at home recovering from hip surgery.
Friends said when asked about his return, the Disney CEO has joked, ‘Why did I come back?’
DailyMail.com has reached out to the Walt Disney Company for comment.
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