Why Disney's Bob Iger Stepped Down as CEO

Bob Iger we'll have to start with you

this ending years of speculation about

who might succeed you palace intrigue

why now and why is Bob Capek the right

person for the job well it's a great

time to begin this transition as you

know I was going to be leaving the

company and leading my role as CEO at

the end of 2021

and so the board has been engaged in a

process for quite some time considering

who best to succeed me in Bob Shaye poq

we have someone that not only knows the

company very well having run a few of

our really important businesses

including parks and resorts but he's

also someone that we know very well we

couldn't think of a better candidate to

take over the company at this time in

terms of why now we as you know recently

completed the acquisition of 21st

Century Fox and have been engaged in

assimilating those businesses we also

deployed a brand new strategy or a

director consumer strategy with ESPN

plus and Disney plus and of course now

Hulu and and hot star and given the fact

that our asset base in our our new

strategy is in place my next priority

was really making sure that our creative

pipeline was as vibrant and as rich as

possible it's the most important thing

at the company particularly given the

new strategy but in order for me to

concentrate on those creative pursuits

or endeavors at the company I really

needed to turn over the reins to to Bob

to someone else so that they could

essentially run the company day to day

and freed me up to do what I think

should be the priority at this point so

it made perfect sense it also creates a

really smooth transition given the fact

that I'll be around to advise Bob when

he needs it and to bring Bob into so you

know some of the businesses some of the

processes that he has not been as

familiar with and that gives me the

opportunity you know to spend the time

during this period of time really

working on our creative side so Bob

Capek day one for you is today this is

effective immediately obviously Bob

talked there about the streaming

strategy you've just had two hits equals

to toy story and frozen you've opened

the star wars portion of the theme park

where do you intend to

down well I intend to double down on the

exact same strategies that Bob has

established 15 years ago that have

served us so well you know at the core

of everything that's at the center of

our brand is really our creative

storytelling and if the creative

storytelling is right then everything

else is right no matter what

distribution channel you put it in and

what do you put it in the theatrical

channel whether you put it in Disney

Plus or whether you put it in theme park

so the thing I've really taken away from

Bob iger's legacy is get the content

right and everything else kind of

follows suit so Bob Iger you said you're

going to be focused on more creative

endeavors can you give us more of an

idea of what intrigues you most

arranging from Fox

- obviously television star wars

well creativity of bounds at the company

whether it's a television channel or a

director consumer platform or our

various movie studios or all the places

that we create globally there's a lot of

creation that goes on outside the United

States so I don't have a specific

priority but obviously fuelling the

pipeline's of our new director consumer

businesses is very very important to us

you know given how large a role they

will play in the future of the company

but there's a there's a lot to do a lot

of creative activity which is what makes

it so exciting in what's I think

separates this company from so many

others in the business now obviously

it's a global business Bob Capek you're

gonna have to get used to being in the

hot seat and answering questions on a

host of macroeconomic and political

issues the coronavirus is front and

center you've got theme parks in China

can you give us an update on the status

of the parks there when they will reopen

and what life is like for employees

we're not prepared to give an update on

the impact of coronavirus on our

business but what I will say is that

when you've got a brand as strong as

ours and tremendous franchises and built

in consumer demand we know that when

we're able to reopen our businesses

we'll come back better and stronger than

ever so Bob Iger you know I have to ask

if there are any other jobs out there

that are of interest to you obviously

your potential political ambitions have

been speculated about

very much you know what else might we

see you do if not at Disney I haven't

made any decisions at all about what

comes after Disney I think I'm gonna

have to use my imagination to figure

that out right now I'm concentrating on

the priorities that we've we've talked

about and and I'm not going to take my

eye off the ball until I actually retire

from the company at the end of 21 so

quickly then you're leaving at a time

when obviously the corona virus has

markets in upheaval a very competitive

election here in the United States Bob

Iger what is your outlook on sort of the

macroeconomic picture in 2020 well again

I Bob said I'm not going to comment

specifically about the impact of the

corona virus obviously is very

unfortunate and you know we we feel for

all the people who were affected by it

overall we thought that the world was

quite a hospitable place for our company

you know as Bob mentioned our stories

the storytelling of this company are

enjoyed the world over our businesses

for doing extremely well the long term

prospects for our brands and our

franchises and our businesses are I

think at this point looking quite good

we're obviously experiencing some very

very challenging times now whether

you're looking at the stock market or

whether you're looking at just the

global business environment due to this

virus but you know well you know we view

this as a serious situation we also know

that it's not permanent and this company

has always shown an ability to rebound

from some of the biggest challenge that

it's been that it has faced and this is

one of them