We all knew the end was coming. Bob Iger had promised, time and again, that the end was coming. But the rather abrupt announcement Tuesday afternoon that he would relinquish his longtime role as CE…
would succeed him at the top of the Mouse’s big machine, effectively immediately — nevertheless knocked the wind out of everyone in Hollywood and on Wall Street.
The succession process was also something of a break from historical precedent, he noted, given that the role of chief operating officer is not infrequently a pit stop for CEO candidates. Iger was COO to then-head Michael Eisner, and Tom Staggs had served as COO to Iger with the expectation that he, too, would ascend.
“We’d say Chapek is well-regarded but this decision was not really telegraphed, so there will likely be lots of questions around “why right now?” and in particular if ‘core’ Disney is looking incrementally risky within the C-suite,” he wrote.Speaking of the C-suite, Iger “is one of the most beloved and respected CEOs, not just in the media space, but across all public companies,” noted Bernstein analyst Todd Juenger, having anticipated that the market would respond poorly.
Then there’s the matter of Iger’s legacy at the company, during which time he acquired Lucasfilm, Pixar, Marvel and 20th Century Fox. The first three buyouts were big bets that have since paid off, and the latter purchase appears to be going well enough. The “majority of investors” that Juenger and fellow Bernstein analysts had spoken with had expected Mayer to ascend, given his role as the architect of the Fox acquisition, his involvement in the Lucasfilm/Marvel/Pixar deals, not to mention Disney Plus’ high-profile splash-landing into the subscription streaming market, which Mayer engineered.
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