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 expect major changes to follow the transfer of leadership.
©Alberto E. Rodriguez / Getty Images
Whether Iger plans to bring back Magical Express, raise Cast Member pay, and eliminate Genie+ (all of which have been suggested by Disney fans) has yet to be seen. For now, we’re looking at the cold, hard facts. Here’s every announcement and change that has happened since Bob Iger returned as Disney’s CEO.
Some Executives Leaving
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.
©Hollywood Reporter via Getty Images
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 is Arthur Bochner, who left Disney on November 26th. Bochner was Chapek’s vice president of strategic communications and lead speechwriter.
©Disney
These are just the first of several changes we expect to see as Iger continues restructuring the company during his time as CEO.
Learn more about Bochner’s exit from The Walt Disney Company.
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).
©Disney
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.
©Disney | Walt Disney Company Headquarters
Iger’s current contract with Disney is for 2 years, during which time he is expected to select a successor. Iger’s contract is scheduled to end on December 31st, 2024.
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 is any indication, investors are also 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.
©Yahoo Finance
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.
Disney stock has changed quite a bit over the last few years as the company has coped with the worldwide pandemic and pent-up demand following the parks’ reopenings. We’ll continue to watch for other major changes in the future.
Get more details about the Disney stock value changes here.
Hiring Freeze Update
During Bob Chapek’s time as CEO, he initialized 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.”
©Disney
Bob Iger has confirmed that the hiring freeze will still take place as Disney continues to look into cost-cutting measures.
Learn more about the hiring freeze here.
Possible Changes
All of those are changes that have actually happened so far, but Iger recently held a Town Hall meeting with employees where he hinted at other possible changes that could take place in the near future.
During the meeting, Iger was asked about the relocation of Disney employees from California to Central Florida. Disney previously invested in land in Lake Nona for a campus meant to house Disney employees, but the planned move has been delayed for over 3 years. In response, Iger said that he is aware that the relocation was delayed, but he has not made a decision on it yet.
Lake Nona Town Center ©Lake Nona
Another question during the Town Hall meeting brought up the issue of the Park Pass Reservation system. This system has been the subject of some controversy, especially among Disney parks annual passholders. Iger said that he has not used the system himself, and he wants to hear from Josh D’amaro about the system before he makes any more comments (D’amaro is currently the Chairman of Disney Parks, Experiences and Products).
Magic Kingdom entrance
Iger also briefly touched on some recent political issues that have involved Disney, including the controversy in Florida over the state’s Parental Rights in Education law (commonly called the “Don’t Say Gay” law by critics). Although Iger did not say what he plans to do specifically, he did comment on the dissolution of the Reedy Creek Improvement District, saying, “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.”
Florida Governor Ron DeSantis ©Deadline
Later in the meeting, Iger was asked what the company’s position is when it comes to taking political stances. He replied, “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.”
Finally, Iger dismissed rumors that Apple was going to buy Disney, saying the merger was “nothing more than speculation.”
Check out the FIRST thing Disney fans want to see from Bob Iger.
Want to learn more about Bob Iger’s return as Disney’s CEO? Check out these posts:
- Is Disney CEO Bob Iger on a Collision Course with Florida Governor Ron DeSantis?
- CEO Bob Iger Reportedly Believed Chapek Was “Killing the Soul” of The Walt Disney Company
- 7 Big Challenges Bob Iger Will Face as Disney’s New CEO
- Why Disney Replaced Bob Chapek With Bob Iger
Keep following DFB for more updates on all the latest Disney news.
Bob Iger is BACK — Here’s what can change (and what won’t).
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What do you think will change now that Bob Iger is back as Disney’s CEO? Let us know in the comments.
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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!!