The Walt Disney Company is undergoing a major leadership shakeup as one of its most formidable executives who paved way for its success in the past decade makes a comeback.<\/p>\n
Robert \u201cBob\u201d Iger replaced his namesake Bob Chapek as CEO whose term at the helm of Disney only lasted for two years.<\/p>\n
However, before Bob Iger took over again at Disney last week, the media giant whose portfolio of theme parks and film and streaming studios have been ailing during most of the pandemic gave him a $10 million contract to counsel Bob Chapek, despite the fact that the two executives almost never spoke.<\/p>\n
After serving as CEO for 15 years, the much-adored Iger had personally chosen Chapek to take over the magical Disney empire in February 2020. But as soon as Chapek became CEO of Disney, his relationship with Iger quickly deteriorated, and the soaring losses of Disney’s Direct-To-Consumer streaming division\u2014which includes Disney+, Hulu, and ESPN+\u2014ultimately prompted calls for Chapek’s resignation.<\/p>\n
The five-year consulting agreement included monthly and annual “maximum time commitments” of “unspecified length,” according to Disney’s SEC filing<\/u><\/a>, and allowed the company and Chapek “to have access to Mr. Iger’s unique skills, knowledge and experience with regard to the media and entertainment business.” According to the Financial Times, Disney was also covering Iger’s security expenses as an ex-employee, which came to almost $750,000 annually.<\/p>\n Iger’s comeback shook Hollywood and the entertainment world and caused Disney shares to jump more than 6% when the news broke.<\/p>\n