Bob Iger Advises Successor, Highlights Disney’s Streaming Progress
Bob Iger, the departing CEO of Disney, shared important insights during the company’s Q1 results call. As he approaches his retirement after nearly 20 years in leadership, he advised his likely successor, Josh D’Amaro, to steer clear of maintaining the status quo. Iger emphasized that resisting change would be detrimental to the company’s future success.
Disney’s Progress Under Iger
Iger noted that Disney is in a stronger position today compared to three years ago. Upon returning to the helm, he took over from Bob Chapek, during a challenging time for the company. He stated, “We have done a lot of fixing but also put in place a number of opportunities.”
Improvements in Streaming
- Iger pointed out significant advancements in Disney’s streaming division.
- Three years ago, this sector incurred a loss of approximately $1.5 billion.
- This quarter, streaming has turned around, generating over $1 billion in profit.
This turnaround underscores Iger’s strategic decisions, including the formation of a new entertainment unit led by Dana Walden and Alan Bergman. Iger believed that those heavily investing in content needed greater accountability, aligning their spending with the overall company’s financial outcomes.
Leadership Transition
The conversation also touched on the potential leadership transition. Josh D’Amaro, currently chairperson of Walt Disney Parks and Resorts, is reportedly the front-runner to succeed Iger. Dana Walden, co-chairman of entertainment, is another strong candidate for the role. The board of directors is expected to meet soon to discuss this transition further.
Fiscal Performance
Disney’s fiscal first quarter results were solid, despite a $110 million setback from a recent dispute with YouTube TV over carriage rights. This financial hit highlights the challenges Disney faces in the evolving media landscape.
