(NewsNation) – Bog Iger’s return as Disney CEO will officially resume on Monday, Nov. 26, where he will address staff at a town hall meeting, a memo acquired by CNBC.
Iger would speak at the Walt Disney Studio Lot in Burbank, Calif., at 9:00 a.m. PT, where he will debrief employees on the future of the business and answer questions about what to expect going forward. .
While Iger’s reinstatement comes just a week after his replacement Bob Chapek was announced, he is already making strides. According to CNBC, Iger reorganized the company’s media unit and fired the head of the department just a day after his announcement.
“On Monday, I will return to the Walt Disney Studio Lot, a place I have always loved. I look forward to joining my dear colleagues and meeting new team members who have joined our company over the past year. ,” Iger wrote in the post.
Iger’s return comes amid a turbulent time at the company. According to the Wall Street Journal, Magic Kingdom tickets have gone up to $189, up 12%. Trip stops increased 58% at Disneyland in California from 2018 to 2022 and 42% at Walt Disney World in Florida.
Chapek also posted lower-than-expected earnings last quarter and was pushed back on its cost-cutting measures and sometimes direct approach to players, such as Scarlett Johansson.
As Chapek was fired by Disney’s board of directors and assured of the “deep respect of Disney’s leadership team,” new reports have surfaced. These reports claim that Iger never really left and that as soon as Chapek took the job in 2020, he was at odds with Iger, “even complaining to MPs that he had been undermined from the start”, reports the WSJ.
Iger’s upcoming tasks will be to get his hands on their streaming model. While Disney bet on streaming in 2020, the market has since changed.
With more than $2.5 billion lost on streaming — including another $1 billion a year earlier — the model is clearly no longer a foolproof spending model, as Netflix has shown. Disney’s stock price has since been halved.
“It’s a very different landscape than 18 months ago,” an executive at one of Disney’s competitors told Vox. “I hope he can find the model. No one has yet.
On Monday, Disney will see what solutions Iger might have up their sleeve.