Your complete guide to Bob Chapek, Bob Iger, and the Disney CEO change

So you just found out that Walt Disney Co has a new CEO. You might be the one who loves to kill a Disney fan with the passing of parks every year, or you can just enjoy a Marvel movie at once. In any case, the news of Bob Chapek's take on the role of CEO at Disney has crossed your timeline. But Bob Iger is about to retire, you may be aware. Are we surprised or not? Why you should care?

Because Disney is ahead of the media in 2020.

Disney has one of the biggest films and theme parks on the planet, and tries to win everything from live games to video streaming. Who runs Disney and how they do it will have a huge impact on our entertainment for the foreseeable future. That's why it's important to know about Bob.

So, we've put together a simple, readable primer.

Before we talk about Bob Chapek, why is Bob Iger such a great deal?

The first big thing that Bob Iger did as chief executive of Walt Disney Co was acquire Pstrong Animation Studios. He went on to acquire Marvel Entertainment, Lucasfilm, and, more recently, 21st Century Fox. His time at Disney saw him make a high-risk investment that cost millions and millions of dollars. He has an Iger to thank the Marvel Cinematic Universe, the Star Wars sequel trilogy, and to the animation industry that made Disney Plus. For a full experience of Iger's legacy, check out his Twitter banner, where classic Disney characters team up with Bart Simpson, Navi An avatar, Black Panther, Deadpool, BB-8, and Baby Yoda.

Image: Robert Iger / Twitter

Why did Bob Iger leave Disney?

Iger's first contract was only with him as CEO until 2018, but his term of employment increased to 2019, after which he would stay for three years as a counselor. Then came expanded and by 2021.. We do not know exactly what prompted Iger to call it during the second expansion, stepping down from the position of CEO and taking over the position of chairman. He also pointed out plans to focus on the "creative" side of the company and not the humdrum management of operations.

Wait, if they knew Iger was finally going, why is this a surprise?

Here's the thing: Yes, Bob Iger was scheduled to step down in 2021, but he was still expected to be CEO for the rest of that time, not to leave after 14 months. If anything, this should be announced sometime in 2021, with Iger's temporary stay there to help unlock the power of the new CEO. Tuesday afternoon in February is a rare time to announce this rating, especially considering Disney had a few lead calls just last month.

There is another surprise, at least of the people who follow the industry closely. While Bob Chapek is a sound choice for Disney CEO, who has been a part of the company for 27 years – see more on this in the next section – many experts think Iger's replacement will be Kevin Mayer, currently chairman of Disney & # 39; s Direct -to-Consumer and International division.

Wow! Now why does everyone think Kevin Mayer will be Disney's next CEO?

As Disney progressed aggressively into the broadcast space and directly to consumers, many thought Mayer would be a natural choice for the CEO, given his work on Disney Plus. But after that, it becomes apparent that while Mayer rubs it in his current role, he has no experience in other areas of the company – divisions such as parks, home media, and IP management. However, Chapek shoves all those boxes.

Is Bob Iger leaving Disney altogether?

As Iger (the duplicate) said in an investor call following the big announcement, he will not leave Disney until now. His contract continues to get him involved with Disney by the end of 2021, but he is taking a back seat to the company's daily management and will serve as "executive chairman." The top chairs direct the CEO, sharing the co-operation with the board. Representatives of the previous CEO at Disney once persuaded the new CEO to take over the executive functions while the old CEO only temporarily took over as chairman to ease the transition.

Iger said that participating in the role would allow him to focus more on the "creative side" and not be frustrated with the work activities. Chapek will report directly to Iger in 2021.

Photo: James Bareham / Polygon

Now what did Bob Chapek do at Disney before becoming CEO?

Bob Chapek has worked at Disney for 27 years. His latest rider was chairman of Disney Parks, Experience and Products, but before that – between 2011 and 2015 – he was president of the previous product category for Disney Consumer Products. Prior to 2011, he was president of distribution for Walt Disney Studios.

All of these activities speak to Chapek's strengths in consumer-driven products and experiences, something he says will be a great asset in the new year of direct-to-consumer marketing. But Chapek's work also demonstrates his power in integrating Disney's growing IP – though some might argue that it cost to expand those various products.

Wait, what's the chair of anything that has to do with IP integration?

When Chapek held for almost five years as chairman of Disney Parks, Experience and Products, the company opened Shanghai Disney. Most importantly, various Disney-owned IPs are starting to penetrate Disney Parks around the world, from full-fledged countries such as Star Wars: The Galaxy & # 39; s Edge to the one-note restoration as the Disneyland Tower of Terror is transformed into a Guardian for -Galaxy attract. This has made him something of a the opposing figure in order Disney parks lovers

When the president of Disney & # 39; s film distribution, Chapek directed the company's content strategy from the theater to home releases. Remember Disney's "Disk" strategy, where ancient films were locked up and not available for purchase until the release of Platinum / Diamond / Super Mickey or two minutes of unseen interest that haven't been seen in a while?

Please don't tell me that Bob Chapek has founded Disney Vault.

That Chapek, a child, is revolutionizing its skills in managing existing goods and integrating them with new consumer trends – and Big Mouse in Charge ways. Iger even boasted about the Disney Vault on time telephone-investment announcement.

"As president of Walt Disney Studios Home Entertainment, he led a very successful strategy of introducing Disney characters and characters to new generations of viewers," Iger said.

Chapek fits into the CEO role not only of Walt Disney Studios, but also of Pstrong, Marvel, Lucasfilm, and 20th Century Studios. That is the lotta IP perfect for him to include in this new straight year to consumers. (If you're wondering if Searchlight's photos – what an indie category known as Fox Searchlight – look like, were acquired by Disney on a Fox sale but worked independently, without the umbrella of Walt Disney Studios.)

What does this mean for Star Wars / Marvel / Pstrong / (insert the beloved personal franchise here)?

As one of Disney's anonymous broadcasters tells The Verge, Chapek may have forced himself to IP the same way as Iger did. Instead, Chapek will manage an existing IP and look at how to incorporate it into the new Disney era. But no, Star Wars / Marvel / Pstrong / Century Studios is going nowhere – in fact, be prepared to see even more of them. In fact, think of Chapek as Tim Cook in Iger's Steve Jobs.

So how much does Bob Chapek make as CEO?

Chapek's base salary is now $ 2.5 million a year, according to him employment agreement as filed with the U.S. Securities and Exchange Commission. You are also eligible for seasonal bonuses to be targeted at least 300% of his salary, even though the actual amount will be based on his performance. (For your own home, that amounts to about $ 10 million a year.)

Chapek will also be eligible for future Disney incentive compensation for top executives, where he will receive an "annual award for a $ 15 million accounting prize – – and, depending on performance and other factors. This additional compensation generally takes the form of stock options, restricted shares, operating shares, cash, and / or solved operating units.

Wait, how old is Bob Chapek?

Chapek is 60, according to Disney & # 39; s SEC filings. News story released November 12, 2009, by Northwest Indiana Times he says he was 50 at the time and that he graduated from high school in 1977. That suggests that Chatek was born in 1959, so he will turn 61 this year. However, for now, his precise astrological sign remains a mystery.

How often is Bob Chapek mentioned in Bob Iger's Memoir?

Iger published a memoir, Lifetime Riding: Lessons Learned from 15 Years as CEO of The Walt Disney Company, September 2019. Chapek's name appears on it only twice. The first time is in the preface, where Iger relates the time he learned from Chapek that the baby had been there attacked by a striker at Disney World's Grand Midria stores. This alternative is acknowledged by the book. (In retrospect, Kevin Mayer appears in seven different chapters.)

Is it the first time that Disney has back-to-back CEOs with the same name?

Yes! We congratulate both Bobs, who not only lives on the legacy of being a Disney princess, but also contains an invitation to the Spider-Mans show daily. Fun fact: Right now there is three different C-suite executives at Disney named Alan.

Image: Petrana Radulovic / Imgflip

How has CEO changes at Disney worked in the past?

Disney's first manager was Walt Disney's brother, Roy Disney. Both have enjoyed the same see-and-run hiring with entrepreneurs and entrepreneurs right now. Technically, they were equal partners in their circumstances and position until after the death of Walt Disney. Roy Disney assumed the title of CEO two years after his brother passed away, even postponing his retirement to see Walt Disney World. He retired shortly after opening in October 1971, and died later that year.

Donn Tatum, Roy's successor to Disney, was in charge of the Disney production business, basically Roy's right-hand man at the construction of Disney World and other theme parks. When Roy Disney died, Tatum became CEO. There is no drama there, though it is notable that he was the first non-Disney family member to play the role. Card Walker, who would become Disney's chief executive in 1976, assumed the position of president of the company. The following change also came in handy: As with the Iger / Chapek situation, Walker took over the CEO duties while Tatum served as chairman for some time. When Walker's retirement came, he did the same thing with his successor, Ron W. Miller – even when things started to get spicy.

Miller was the son-in-law of Walt Disney and not the famous CEO's choice, because he originally wanted to be a professional footballer and only he really started working at Disney for his father-in-law was like him, Hi, I can introduce you to the Directors Guild, and he was like, Wow, a word? After retiring in 1983, the company began to wander. Just over a year later, Miller's cousin, Roy E. Disney, and other shareholders fired Michael Eisner, Frank Wells and Jeffrey Katzenberg.

Drama!

Be juicier.

Which brings us to Eisner taking over as CEO, placed there directly by Roy E. Disney in his collection. Eisner presided over the company during the Disney Renaissance – and at a time when the studio was releasing the VHS direct sequel to its beloved films.

Much like Shakespearean parallels, Eisner was also almost dismissed by Roy E. Disney and his lyrics; they felt that under Eisner's leadership, there were more flats at the box office in the new millenium, more excessive circulation, and no clear succession plan. The fundraising effort didn't work out at all, but Eisner stepped down as CEO in 2005 – a year before the end of his contract – naming Iger as his successor. He I didn't want to do it, but he did, because the Disney board wanted him there.

And that brings us to Iger, who spent 15 years re-designing The Walt Disney Co before moving hair to Chapek. All things considered, even though the announcement was sudden and Disney in the new era is huge and unknown, Iger seems to be doing things as close to the traditional way as possible.

Despite the recent palace complex, Disney has a history of peaceful transition. In short, Disney's future will depend on Bob's willingness to work with Bob.