Bob Iger has served as CEO of The Walt Disney Co. since 2005.
The company’s stock has risen 492% since Iger assumed the role. Analysts have predicted Disney Plus could help catapult the company’s stock price as much as 20% this year.
Here’s how Iger’s leadership strategies shaped the upward trajectory of his career and the beloved brand.
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Bob Iger bet big with the launch of Disney Plus, but his legacy extends well beyond the streaming service and the internet-breaking debut of Baby Yoda.
While the Mouse House suspended its theme-park operations in China and Hong Kong amid this year’s coronavirus outbreak, it recently debuted “Star Wars”-themed areas in two US locations. Disney parks alone are valued at about $133 billion, according to a February 5 Bernstein client note. Banking analysts predict that the company’s coming projects and Disney Plus could catapult its stock price as much as 20% this year, per Markets Insider.
Since Iger, who is also the company’s chairman, officially became CEO on October 1, 2005, the company’s stock has risen 492%. He is known for major acquisitions like Pixar in 2006, Marvel in 2009, and 21st Century Fox’s entertainment assets last year.
Time magazine named him its businessperson of last year, likening his tenure to “one long CEO highlight reel” but listing 2019 as his best year yet, with Disney movies grossing more than $10 billion in the global box office. As CNBC noted, the release of films like “Frozen 2” and “Avengers: Endgame” helped Disney account for nearly 40% of the US box office in 2019.
Iger’s streaming endeavor, Disney Plus, debuted November 12 and attracted roughly 28.6 million sign-ups in less than three months. And a recent US survey recorded half of consumers saying Disney Plus was “just as good as Netflix.”
Disney’s 2020 film-release schedule includes “Mulan” and Marvel’s “Black Widow,” though some analysts say it’ll be less dominant compared with the past few years given the lack of a full Avengers or “Star Wars” addition.
Yet expecting massive success wasn’t always the situation. A $256 billion market cap is not to be assumed.
Flash back to 2005
When Iger took the helm nearly 15 years ago, Disney was in a tough spot.
“We had been through a rough five-year period, with a hostile-takeover attempt, a shareholder revolt, and a battle with two prominent board members,” Iger told Harvard Business Review in 2011.
His first task, then, was mending relationships with the board members and allowing for internal peace. Then it was all about balancing the traditional with the contemporary and carving a place for Disney in modern times.
Iger plans to step down in 2021. His contract was extended for the fifth time in 2017. It is unknown whether Disney will once again push back the CEO’s retirement date. Nevertheless, he’ll be remembered for more than the quantifiable achievements that benchmark his career. Underneath it all lies …read more
Source:: Business Insider