Disney's appointment of Chapek to replace Bob Iger surprised Hollywood and Wall Street. But his background may make him well-suited for the job.
, replacing Bob Iger, took Hollywood and Wall Street by surprise. The decision, announced Tuesday, ended nagging speculation about the succession plan for Iger.Many analysts and Hollywood insiders had thought the job would go to Disney’s hard-charging direct-to-consumer chairman, Kevin Mayer, who oversees the company’s streaming efforts, including Disney+, ESPN+ and Hulu.
“He understands the business from an international perspective, an operating perspective, the development side, and from a business perspective,” said Bill Coan, chief executive of Itec Entertainment, a developer of theme park attractions and a former Walt Disney Imagineering employee. “It’s been his job to take the Pixar brand, the Marvel brand and the “Star Wars” brand, and make it function across all these businesses, and we think he’s been very successful at that.
Iger, 69, will remain at the company for nearly two years, overseeing creative endeavors as newly appointed executive chairman, meaning he’ll be very much still in the picture. Iger will also guide the transition to Chapek, who will report to him and the board. Sonnenfeld said he thought Iger would give Chapek the space he needs. “I think Iger will do quite well because he has other interests,” Sonnenfeld said, noting that similar structures have worked well at computer chip maker Intel and when Bill Gates turned the reins over to Steve Ballmer at Microsoft.
“In thinking about what I want to accomplish before I leave the company the end of 2021, getting everything right creatively will be the No. 1 — my No. 1 — goal,” Iger told analysts. “If you’re not doing well, you’re going to hear about it, and if you’re doing well, you’re going to hear about it,” said Jim Cora, former chairman of Disneyland International, who retired in 2001. “He’s creative, he’s industrious, he cares about the show, and he listens, and that says a lot.”
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