Disney World celebrated its 50th anniversary in April 2022.
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Stock Disney showed up in premarket on Monday, the morning after the company announced it was changing CEO Bob Chapek to Bob Iger.
Disney shares rose about 9% on Monday morning. As of late Friday, the company’s shares are down about 40% this year.
Capek, who replaced Aiger as CEO in early 2020, has come under increasing scrutiny and scrutiny of the company in recent months. Its latest quarterly earnings report, released earlier this month, was stunned, sending the company’s stock plummeting. Three days after this report, Chapek told his deputies in a memo that Disney would seek to cut costs through hiring freezes, layoffs, and other means.
Nevertheless, the decision to replace Čapek with Yeager stunned the business world. Iger, who has been CEO of Disney for 15 years, has previously said he won’t be returning to the job, while the company renewed Chapek’s contract earlier this year when he pressed his vision for a reorganization of Disney.
Chapek took over shortly before the Covid pandemic severely curtailed Disney’s business, shutting down its theme parks and keeping its films out of theaters for months. With Capek helping the company weather the storm and Iger still serving as chairman until December last year, the company’s stock rose to just over $200 at some point in 2021.
Since then, Disney stock has fallen. On Friday they closed below $100.