The shares of Walt Disney (DIS) may benefit and see more upward momentum before the end of the year as Iger is expected to draw on his cross-industry experience to introduce new features into the company’s core business offerings.
The shares of American multinational mass media and entertainment conglomerate, Walt Disney Co (NYSE: DIS) are seeing an impressive rejuvenation in the Pre-market today as the news of the reinstatement of Bob Iger as the new Chief Executive Officer has continued to impress investors.
Coinspeaker reported earlier that Bob Iger will take over from Bob Chapek who was drafted to lead the company back in 2020. From that time to date, the industry has seen a lot of economic headwinds, one that has affected the firm’s operations globally. Riding on Iger’s previous 15 years of experience leading the firm, Walt Disney is confident he is the right fit to lead the company through this current crisis.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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,” Susan Arnold, Chairman of the Board for Disney said in a statement on Sunday.
The shares of the company rose 9.22% in the Pre-Market at the time of writing, paring off the accrued losses it has recorded all through the year. Notably, the shares have fallen by as much as 40% in the year-to-date period.
Disney has a rich history of entertainment, one that was disrupted during the COVID-19 lockdown era. Bob Chapek helped the company navigate those trying times as its movies were restricted from the cinemas and its theme parks were closed. Chapek was very big on reorganizing the company and while revenues plunged in his reign, the board re-appointed him to continue serving as CEO earlier this year, making the sudden return of Iger a surprising move to the broader industry.
DIS Shares May See Better Days Ahead
The shares of Walt Disney (DIS) may benefit and see more upward momentum before the end of the year as Iger is expected to draw on his cross-industry experience to introduce new features into the company’s core business offerings.
While he has remained an integral part of the company, his time away has been spent on Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain. With the competition in the entertainment world growing by the day featuring pressures from Amazon Prime Videos and Netflix Inc (NASDAQ: NFLX), the need for innovation diversification is all but growing.
While it is not yet clear that Iger will integrate Flow into Walt Disney’s products at this time, his venture into the metaverse and Web3.0 world may come in handy in fast-tracking the overall embrace of Disney in this new industry in the near future. Should this be one of his focuses, Iger will be building on the foundational work of Chapek who foresees the company using the metaverse in its storytelling in the next 100 years.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Source: https://www.coinspeaker.com/dis-shares-up-bob-iger-news/