Walt Disney co. brings back 71-years old former Chief Executive Officer (CEO) Bob Iger who had previously spent up to 40 years in the entertainment company.
He is returning to succeed his successor Bob Chapek who led the firm after he retired. Although Iger has explained that he is only occupying the position for two years so that Disney can get a permanent successor.
According to a statement by Susan Arnold, the chairman of the board, “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period.”
Before he resigned from Disney, Iger had served as the CEO for 15 years. Upon returning, he has been charged with the responsibility of reversing the downward trend of Disney’s shares which have continued to plummet. Notably, as soon as news of his rehiring was voiced, Walt Disney shares jumped by about 10%, surprising its investors after a long time of disappointment.
Bob Iger’s Foray in the Crypto Community
On the other hand, Iger made his debut in the crypto industry after backing several metaverse projects including becoming a director, adviser, and investor in a digital avatar platform running on Dapper Labs’ Flow blockchain known as Genies.
At the time when he joined Genies, Iger said he was “Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the ‘mobile apps of Web3’: avatar ecosystems.”
He was also present at Disney when the entertainment company applied for a metaverse-related patent which will allow the company to offer its users a “virtual-world simulator in a real-world venue.” Although Disney announced that it present had no plans to use the patent.
While Iger was away from Disney, the company made an extra effort in the blockchain industry.
They went ahead to spearhead projects focused on Non-fungible tokens (NFTs), metaverse, Decentralized Finance (DeFi), and blockchain. They also made plans to hire a transaction lawyer who will investigate the potential of emerging technologies, such as NFTs while working on an “accelerated and aggressive timeline.”
The lawyer was also expected to partner with business teams as they create new global emerging technology projects across emerging sectors.