(Presidentialwire.com)- Following Bob Chapek’s resignation as CEO of the entertainment giant after a year defined by scandal and losses, former Disney CEO Bob Iger has made an unexpected comeback as the company’s CEO. Iger’s return, though, might make the ongoing conflict between Disney and Florida Governor Ron DeSantis worse.
After 15 years as CEO, Iger stepped down in 2020, and Chapek assumed control of Disney.
Due to Chapek’s outstanding management of Disney throughout the epidemic, the corporation had little cause to criticize him for two years.
After two years of COVID-19-related closures, the company’s streaming service Disney+ increased its viewership to compete with Netflix and Hulu, while the theme parks strengthened their business under his direction.
But during the past year, Disney has experienced substantial financial losses and has been embroiled in the so-called cultural wars, which has drawn criticism from viewers on opposing sides of the political aisle.
The company’s streaming service Disney+, which is still incredibly popular, reported an operating loss of $1.47 billion as of November 9, and Disney shares were down 41% this year. However, the company’s share price increased by 9% when Iger’s comeback was announced on Monday.
While numerous financial factors contributed to Chapek’s demise, the company’s public fight with DeSantis garnered a lot of unwanted press.
Disney was initially hesitant to take a position, despite concerns from the staff at its Orlando theme park, when the Florida governor introduced the divisive Parental Rights in Education Act, also known as the “Don’t Say Gay” law, which forbade topics like sexual orientation and gender identity from being discussed in school classrooms.
On the other hand, Iger disapproved of the legislation and claimed it jeopardized the rights of American youth. “The majority of these problems are not always political. It concerns right and wrong, “In a CNN+ interview, Iger remarked.
Disney finally openly denounced the “Don’t Say Gay” rule due to the protests from LGBTQ rights activists, liberal supporters, and staff members. This infuriated right-wingers and conservative pundits, including Fox News anchor Tucker Carlson.