Disney boss Bob Iger resigns - choice of successor raises questions

There is a surprising change at the top of the Disney group. CEO Bob Iger resigns - his successor has already been determined.

• Unexpected news from Disney : Group boss Bob Iger resigns after 15 years.
• Shortly after the start of the Disney + streaming service , Iger thinks the time is right.
• His successor has already been determined - but this personnel decision raises questions.

Burbank - An era ends at the Hollywood giant Walt Disney : The long-time CEO Bob Iger - one of the best-known US business bosses - is stepping down with immediate effect. His successor is already in the starting blocks: it is Disney manager Bob Chapek , who was last responsible for the amusement park division. With the top change announced on Tuesday after the US market closed , Disney delivered a tangible surprise that caught many investors and analysts on the wrong foot. Chapek's election also raises questions.

Disney + launched in the US in November - is it a good time to change leadership?

After the US recently launched the Disney + streaming service , he believes that now is the ideal time to hand over the office to a new CEO, Iger said. Chapek has been with Disney for 27 years , and has been responsible for the thriving business of theme parks and resorts for the past five years. "Bob will be the seventh chief executive in Disney's nearly 100-year history, and he has proven himself exceptionally qualified to lead the company into the next century," said Iger. The group also announced the change at the top of Disney on Twitter.

Bob Chapek Named Chief Executive Officer of The Walt Disney Company: https://t.co/xFo0sOkgd7 pic.twitter.com/UEfko17bTh

Iger's resignation comes abruptly and unexpectedly , even though he has been considering retiring for a long time and there have been speculations for years as to who could replace him. The 69-year-old was at the top of the group for around 15 years; he had taken over from Michael Eisner in 2005. Iger shaped the entertainment giant with the takeovers of studios such as Pixar, Marvel and Lucasfilm as well as large parts of the competitor 21st Century Fox . He will remain Disney's executive director until the end of 2021.

The change in leadership at Disney caused astonishment on Wall Street

On Wall Street , however, the sudden change of leadership caused astonishment, also because Disney did not present a successor to Chapek's position . "It is a huge surprise," said Laura Martin of the investment company Needham & Co on the financial broadcaster Bloomberg TV. Most listed companies try to prepare the markets gently for important personnel changes. The sudden announcement of Disney - the world's largest entertainment group with a market value of more than $ 230 billion - shocked investors accordingly. The share temporarily fell over four percent after the exchange .

In addition, the Chapek staff is quite astonishing to some observers. The 60-year-old has been with the company for almost 30 years, but actually everything in the entertainment business has long been about streaming and not so much about theme parks. Many experts had Kevin Mayer as an Iger heir on the screen. He directs Disney's streaming services , has been with the company for more than two decades, and was often traded as Prince Igers of the throne. It is all the more surprising that the choice did not fall on him, since Disney's attack in the streaming market has only just begun.

Disney: Disney + streaming service was Iger's last major project as CEO

Because Iger's last major project as CEO was the streaming service Disney + , which had its premiere in the United States on November 12 . With the offer, the Hollywood giant opened the hunt for the rival Netflix, which has chased away many customers from the classic TV and film industry in recent years. The launch of Disney + was a success ; in less than three months the streaming service was able to win almost 29 million customers thanks to low prices and popular productions such as the "Star Wars" series "The Mandalorian" . In Germany, the new service should start on March 24th.

Chapek also expect large construction sites. The streaming offensive poses high risks and devours a lot of money , which caused a slump in profits in the most recent quarter. In the three months to the end of December, net income from continuing operations fell 23 percent year-over-year to $ 2.1 billion. Meanwhile, sales increased by a good third to $ 20.9 billion. The real problem child of the group, however, is the troubled sports broadcaster ESPN, which is suffering from falling subscriptions and advertising revenue, but still generates a large part of the proceeds.

By the way: Disney + will also be launched in Germany at the end of March - earlier than expected. You can find more information in the video.