“There is a lot to do,” Bob Iger told Disney staffers today of the state of the company he is now running again. “Quickly,” added the newly re-minted CEO at a town hall at t…
on the news of Iger’s return over a week ago, but they have come back to earth, slipping almost 3% today to near $96. After Chapek manage to steer the company through the grueling experience of Covid in 2020, the stock ended that year on a high note but it has lost 40% in 2022 to date as investors have taken a more clear-eyed look at the company’s troubled financials. Just prior to Iger’s return, it bottomed out at a new multi-year low of $86.28, its lowest level since early 2020.
The company’s push into streaming, initiated by Iger and continued in Chapek’s run, has squeezed profits and additional economic pressures prompted execs to forecast single-digit increases in revenue and profit for fiscal 2023. That’s a lot lower growth than many Wall Street analysts had previously been forecasting.
Iger also faces the question of whether to redraw the corporate map of how various divisions are organized and report their results. Chapek compressed the company into just two divisions: Parks, Experiences and Products; and Media and Entertainment Distribution. The guiding principle of DMED was Chapek’s centralization of distribution decisions under his now-ousted lieutenant Kareem Daniel.
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