On the evening of November 20th, 2022, Bob Iger broke the internet. News of his return as Disney’s CEO inspired comments from celebrities, shareholders, and Disney fans alike, many of whom expected major changes to follow the transfer of leadership.
Whether Iger plans to bring back Magical Express or eliminate Genie+ (both of which have been suggested by Disney fans) has yet to be seen. For now, we’re looking at the cold, hard facts. Here are some of the BIG announcements and changes that have happened since Bob Iger returned as Disney’s CEO.
Executive Changes
As Bob Chapek exited The Walt Disney Company, some other Disney executives followed suit. This included Kareem Daniel, who was considered “a top lieutenant for former Disney CEO Bob Chapek.” Daniel had been appointed by Chapek to head the newly organized media and entertainment distribution group in 2020.
Iger announced Daniel’s departure and said, “I hope you will all join me in thanking him for his many years of service to Disney.”
Another executive who was closely linked to Bob Chapek was Arthur Bochner, who left Disney on November 26th. Bochner was Chapek’s vice president of strategic communications and lead speechwriter.
Since that time, we’ve seen several executive changes at Disney. Some of these were departures, others were movements/changes within the Company, and some new executives have joined the team too. You can read more about those changes by clicking the links below:
- 2023 — Some major restructuring took place under Iger which resulted in some leadership changes, including the departure of Rebecca Campbell, a senior Disney executive.
- 2023 — Sonia Coleman was named to a new position — Senior Executive Vice President and Chief Human Resources Officer at the Walt Disney Company.
- 2023 — Bruce Vaughn returned as Chief Creative Officer (CCO) of Walt Disney Imagineering.
- 2024 — Barbara Bouza, President of Walt Disney Imagineering, announced plans to step down from that role.
Salary Revealed
Soon after Bob Iger’s return was announced, details about his contract and salary were reported. An SEC filing revealed that Iger’s annual base salary would be $1 million with a possible 100% bonus each year (depending on his performance).
In addition, Iger is entitled to The Walt Disney Company’s equity-based long-term incentive plans and programs, which means that, for each fiscal year that ends during Iger’s employment agreement, he’ll be given the long-term incentive award with a target value of $25 million.
Iger’s initial contract with Disney was for 2 years with an end date preliminarily scheduled for December 31st, 2024. In July of 2023, it was announced that Iger had agreed to continue to serve as CEO through December 31st, 2026 (an additional 2 years).
“The independent members of the Board of Directors noted that Iger’s extension provides continuity of leadership during the Company’s ongoing transformation, and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board.”
In early 2024, we got details about Iger’s 2023 salary. According to an SEC filing, Bob Iger made $32,123,717 in fiscal year 2023. This number is Iger’s full pay package, which is made up of a base salary, stock awards, stock-option awards, cash bonuses, and other compensation.
The report also shows that the median employee’s total annual compensation for fiscal 2023 was $54,010, which means that the ratio of Iger’s salary to the median employee’s is 595:1.
Learn more about Bob Iger’s salary here.
Stock Changes
Disney fans weren’t the only ones excited to see Iger return to the company. If the company’s stock value was any indication, investors were initially optimistic about the change.
Yahoo Finance reported that stock for The Walt Disney Company closed at $91.80 on November 18th (before the news of Iger’s return) and was trading at $100+ in the pre-market on November 21st. Once the market opened, the price for Disney stock was $100.10.
A bit after opening time, stock values mellowed out a bit and were trading at $98 later on November 21st. That was still higher than the $91-$92 range that stock was trading at days before the switch in CEOs.
In the months that followed, the stock’s value would change significantly. In 2023, it hit lows around $79. But, 2024 has proven to be much more positive for Disney’s stock, bringing highs around $121 as of early April.
We’ll keep a close eye on changes in the stock value as Disney continues to face challenges and make big announcements in the future.
Hiring Freeze Update + $5.5 BILLION in Cost Cuts
During Bob Chapek’s time as CEO, he initiated a hiring freeze for some Disney employees. In the memo about the hiring freeze, Chapek said, “We are limiting headcount additions through a targeted hiring freeze. Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold.” He also mentioned that job cuts could be part of this change: “We do anticipate some staff reductions as part of this review.”
Bob Iger later confirmed that the hiring freeze would still take place as Disney continued its cost-cutting measures. Then, in February of 2023, Iger announced that there would be 7,000 job cuts at Disney. These were part of Disney’s overall goal to reduce spending by $5.5 billion. In June of 2023, Disney finished handing out notices to employees impacted by the thousands of job cuts.
The $5.5 BILLION cost cuts break down as follows — Disney worked on reducing $2.5 billion in “non-content costs,” as well as cuts of $3 billion in non-sports content costs. The non-content cost-cutting included reductions in marketing, technology, procurement, and other expenses. And, as part of the changes, Disney pulled more than 50 shows from its Hulu and Disney+ streaming libraries to cut costs on streaming.
During the earnings call for the first quarter of fiscal year 2024, Iger noted that Disney was “on track to meet or exceed $7.5 billion in cost savings as [they] continue to look for further efficiency opportunities across the company.”
Restructuring
The company was also quickly restructured when Iger returned. The new structure is “aimed at returning greater authority to [Disney’s] creative leaders.” The company has been reorganized into three divisions: Disney Entertainment, ESPN, and Disney Parks, Experience, and Products.
This charge essentially undid the work Chapek had done in creating the Disney Media and Entertainment Distribution (“DMED”) division, which centralized the marketing and distribution for Disney’s content. Iger said in an interview with CNBC that Chapek’s DMED “was a mistake” and he quickly put changes in place to adjust the structure at Disney.
When announcing the change, Iger stressed that the reorganization would provide “a more cost-effective, coordinated and streamlined approach” to the company’s operations, and “re-establish a direct link between content decisions and financial performance.”
End of the Lake Nona Project
Disney previously invested in land in Lake Nona for a campus meant to house Disney employees. The project would have brought more than 2,000 jobs to the area, and more than 1,000 employees from Southern California (including most of the Imagineering department) would have relocated to this new campus.
The planned move had been delayed for years, and ultimately Iger announced (in 2023) that the project was canceled.
Chairman of Disney Parks, Experiences and Products Josh D’Amaro talked about “changing business conditions” and noted that those changes were behind the cancelation of the Lake Nona project.
Click Here to Read About a CLUE About the Future of Disney’s Canceled $1 Billion Orlando Project
Park Pass Changes
When initially asked about the Park Pass system, Iger said that he had not used the system himself, and wanted to hear from Josh D’amaro about it before making any comments. Ultimately, the Park Pass system would see some MAJOR changes under Iger. As of early 2024, Park Pass reservations are NOT required for most Disney World guests.
Anyone with a regular date-based ticket from Disney (either on its own or as part of a vacation package) no longer has to reserve their park visit in advance.
However, select guests, like Disney World Annual Passholders and Cast Members, are STILL REQUIRED to make Park Pass reservations (with some exceptions).
Annual Passholders are, however, able to visit the Disney World theme parks after 2PM WITHOUT a Park Pass reservation. There are some exceptions though: Passholders still need to schedule reservations for Saturdays and Sundays in Magic Kingdom.
Walt Disney World Annual Passholders and Cast Members are also eligible for “Good to Go” days, which do not require a Park Pass reservation and do not count against your Park Pass reservation allotment.
Political Battles
Disney has been in the middle of some large legal issues lately as well, particularly with the controversy in Florida over the state’s Parental Rights in Education law (commonly called the “Don’t Say Gay” law by critics).
In discussing the dissolution of the Reedy Creek Improvement District, Iger initially said, “I had no idea what its ramifications are in terms of the business itself.” He continued, “The state of Florida has been very important to us for a long time, and we have been very important to the state of Florida.”
Iger also once said, “I think there’s a misperception here about what politics is. Some of the subjects that have been proven to be controversial as it relates to Disney have been branded political, and I don’t think they are.” He concluded, “Do I like the company being embroiled in controversy? Of course not.”
Ultimately, it seems Iger (and the team at Disney) may have been able to put an end to some of the controversies. In 2024, it was announced that Disney had entered into a settlement agreement with the Central Florida Tourism Oversight District regarding various matters, mainly impacting the two state court lawsuits that had been filed.
The settlement provides the following:
- Disney agrees that the Development Agreement and Restrictive Covenants are null and void
- Disney agrees with the District assessment that the 2032 Comprehensive Plan is null and void
- The District will amend the 2020 Comprehensive Plan with consultation from Disney
- Both Disney and the District will dismiss claims and counterclaims, along with Disney dismissing the Public Records case
- Disney owns the long-term mitigation credits and the District will not interfere with those credits
- The labor services agreement between the District and Reedy Creek Energy Services will end in 2028
- The District and Disney will not contest actions of the Reedy Creek Improvement District before DeSantis’ takeover
Under the terms of the settlement, the Federal lawsuit Disney initiated against DeSantis and the District (alleging retaliation and a violation of First Amendment rights) is also suspended for the time being as Disney and the District work on a new development agreement.
We’ll have to wait and see if the sides are ultimately able to come to a resolution for the federal case (which is currently on appeal) or if that case will end up moving forward.
Click here to see what Disney had to say about this settlement
Apple Ties
Iger initially dismissed rumors that Apple is going to buy Disney, saying the merger was “nothing more than speculation.” Later, when asked whether Disney could be sold to a larger tech company, Iger said, “I just am not going to speculate about the potential for Disney to be acquired by any company.”
He went on to point out that the “global regulatory environment” needs to be considered and stated that the potential acquisition is “not something we obsess about.” Iger concluded, “I’ll say no more than that.”
One analyst — Laura Martin from Needham & Co. — has anticipated “for some time” that Disney could be sold to Apple. Martin’s prediction is that Disney “will be purchased during the next three years.”
Some have suggested that if Disney were to start selling off parts of the Disney company — slimming it down — that could feel like a preparation for a sale. Iger has indeed made some interesting comments about Disney’s linear TV networks, suggesting that they may not be core to Disney and that Disney would be “expansive” and “objective” about the future of those businesses.
While Disney might not have announced any plans to sell to Apple, it has entered into some interesting partnerships with Apple due to the release of the Apple Vision Pro, so it’ll be interesting to see where the partnership between the companies goes in the coming years.
Disney Could Sell ESPN to Apple or Verizon — Click Here to Learn More
More Changes
But wait…there’s more. Here’s a quick look at some of the other big changes that have happened under Iger’s latest term as CEO:
- Iger has announced an Avatar expansion
- Disney has announced that it will be dedicating $60 BILLION in aggregate for its Disney Parks, Experiences, and Products division (but it might not be what you expect)
- Iger has identified some key priorities at the Company — including achieving profitability in streaming, improving the Disney film studios’ output, and more
- A cash dividend was made payable to shareholders
- Frozen 4 may be in the works according to Iger
- and MORE
There’s still a lot for Iger to do before he leaves the CEO position, particularly when it comes to finding and preparing the right CEO successor and handling major proxy battles.
Want to learn more about Bob Iger’s work as Disney’s CEO? Check out these posts:
More Bob Iger News
- BREAKING: Disney Takes Next Step In Replacing Bob Iger!
- One Important Thing Was MISSING From Disney’s Big News Drop…and It Might Surprise You!
- NEWS: Disney Lays Off Over 100 Television Division Employees
- Why We’re Excited About Bob Iger’s New Plan for Disney Park Expansions
- NEWS: Disney CEO Bob Iger and Wife in Talks To Buy Professional Soccer Team for $50 Million
And keep following DFB for more updates on all the latest Disney news.
Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe!
What do you think will change before Bob Iger’s time as Disney’s CEO is up? Let us know in the comments.
Chapel was killing the soul of the Walt Disney Company. Iger is possibly the savior who can right the wrongs and bring it back from death. Reedy creek might still be alive and well under the direction of Iger. Hopefully Walt Disney world and the other parks will be once again what they were. They were meant for middle class family’s to start with. The only point I disagree with strongly is bring the staff back to pre 2018. The guests want to be treated like they matter. Please Iger revisit your thoughts on this subject. I want to come back to that magic again.
Bring back the old Fast Pass System
All I say is this .. bring back the old Disney!!!
When you look at the MAJOR changes between Iger and Chapek, there are NONE. Genie+ is still in place. The park reservation program is still in place. The Magical Express is still gone. The hiring freezes are still in place.
All of the price increases are still in place.
To honestly think that Iger coming back is going to reset the Disney magic and make Disney affordable for middle class families is absurd. I see no difference between Iger and Chapek. It is business as usual.
Please please for u k guests (DVc members ) and one time magic timers bring back the 21 day pass ! If we pay $1000+ for a flight let us stay at wdw for three weeks PLEASE !!!
Having Bob Iger back is the best Christmas present I could have asked for. It was pure joy when I saw the news flash on November 20th. I’m so excited that the magic already feels stronger and there’s a more positive feel.
I really hope they bring back the magical express and the dinning plan
Last week I made reservations at Universal’s Endless Summer hotel for a 2023 trip. We booked a one bedroom suite with a kitchenette for less than $200/night. Can’t match that at Disney. I told the team member we usually stay at Disney but have been put off by their many price increases. The only way to have six people in a Disney Value hotel is to book two rooms or a suite, which would cost a lot more than what we’re paying at Universal. The team member said he hears that a lot.
This is the first time we’ll be staying at Universal. I will give Disney two years to restore some of the Disney magic (including Magical Express) and make things a little more cost effective. Until then, we will find other places to vacation.
I believe the magic is gone for good- no longer do we guests have a carefree vacation where we can do as we please each day without such structure- having multi day park passes or as I used to have – an annual pass and just get up in the morning and come and go as we please
I hate what has happened- just one of the many many changes
And also- what have the done to this year’s Candlelight Processional?!
Anyone else notice this change?
Unfortunately for guest, most changes will at the corporate levels at first. Guest concerns like the reservation system and Genie+ will take some time to change if in fact they do change them. I personally feel Genie+ will be here for a while as Disney invested a lot of money in to it. I don’t think they’ll just kill it and end overnight, I think they’ll phase it out slowing if they decide to abolish it completely.
On the other hand, the reservation system could happen overnight with just one phone call. I would just hope they would honor those who already have reservation so in the event a park is sold out, they would still be able to get in. To me that only one’s who should be allowed a guaranteed a reservation as part of their vacation package. Still set and keep a capacity limit so for all other guests, it is first come, first serve as it use to be.
The other thing is to eliminate the 1:00 pm or 2:00 pm park hopper restrictions. Let be any time all day like it was before. But as I mentioned, all the good things that Chapek screwed up and took away is going to take some time to come back, if they ever do come back. It is quick and easy to destroy a city, but it may take decades to rebuilt it. And yet, it may never be the same as it once was.
I don’t think Iger will change much at all but he will present it in a different way. A business person (Chapek) never should have spoken to the public – they are not “people persons”. That is why you always heard from Walt and hardly ever from Roy. Much of what Chapek did started while Iger was still there.
I hope Mr. Iger will consider bringing back the Disney Stores.
I think fans of Disney miss the stores and selling disney products in Walmart or Target is not the same.
End the genie+ bring back fast passes. I liked to be able to go whenever I wanted now I have to reserve a spot which isn’t easy
The feeling at DisneyWorld is no longer the happiest place. I have been going to Disney World for at least 28 years for the past 6 or 7 years the attitude at the parks has changed. You always felt special that has been lost in the recent past. Also, taking away the magic express was a big mistake in my opinion. It is a big hassle to drag you luggage and kids all over the airports that was a great perk for everyone. Now it just adds an extra cost to the trip which is expensive already. Also , paying for the genie on top of your ticket costs is unbelievable.
I did notice the changes to the Candlelight Processional. Many biblical passages were paraphrased, and the mash up of the Hallelujah chorus was such a disappointment. I made a comment to one of the Disney employees, and she said she had heard it several times that day alone. Why mess with something so beautiful and moving?
The reservation system is stupid and is not needed. We lost the ability to be on a spontaneous and magic vacation. We want the dining plan back! We want the magic express back! And annual passes need to be back for anyone who wants them. As a “DIsney” person since first going to Disneyland in the 1960’s and then WDW, and as a DVC owner, I want MY DISNEY MAGIC BACK! Cut some of the executives at the TOP and then you can cut back on the ticket prices, hotels and costs so people can again afford to come to the MAGIC! Bring back the FAST PASSES! The changes made over the past few years have been awful! Going to be selling off my DVC points soon as I can not afford the annual cost increases! So sad, Disney has just gone to pot.
Dont mess with the candlelight processional!!!!! The majority wants it to stay exactly the same as its been!! We love and cherish it. Stop catering to the 1 percent!
After all the changes Disney has made , pls bring the old Disney back. Having to secure Genie plus & getting up at 7 AM in the morning to do that it’s just wrong. Bring back the fast pass and the Dining plan!! Our family used to go every October but with all the changes in the cost it’s just gotten out of hand. Plus, I’m a lot older now. Maybe Disney should listen to their guest a little bit more carefully especially us old timers I can say I knew Disney when I felt Disney was at its best. The prices alone have got out of reach for some families!!