Former Disney CEO and current executive chairman Bob Iger will stay on to help the company through the ongoing coronavirus pandemic. Since the virus, officially known as COVID-19, appeared late last year, it’s caused immense problems in all industries, including entertainment. Movies were affected first, with theaters in China and other countries closing. This led to many international release dates and press tour being postponed, until eventually delays were necessary in the United States as well. As of now, theaters in the U.S. have been closed for nearly a month, and no major movie releases are expected until late summer.
Disney has been hit especially hard by the coronavirus due to the sheer size of the company. It has not only movies, but also its parks, cruise lines, and other means of revenue. Nearly all have been affected by the virus, with both Disney World and Disneyland in California closed since last month. Like all other studios, Disney has had to postpone major releases like Mulan, though the company faced a unique challenge with the MCU. After delaying Black Widow, which was supposed to come out in May, Disney-owned Marvel Studios was forced to push back almost its entire Phase 4 slate.
However, before any major coronavirus-related decisions had to be made at Disney, the company announced the departure of then CEO Bob Iger. Disney parks chairman Bob Chapek was named his replacement, with Iger transitioning to executive chairman until 2021. He’s still in that role now. However, per The New York Times, Iger has essentially gone back to leading Disney in the wake of the coronavirus and will see it through the pandemic. Iger explained: “A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!“
It makes sense Iger stepped back in to the leading role at Disney, especially since no one knows when the coronavirus pandemic will come to an end. It’s entirely possible Disney parks will remain closed until summer or beyond, with one estimate suggesting the company is losing $20 million per day while the U.S. parks are closed. Disney is also dealing with costly production delays, as are all studios in the industry. At this point, movies like Shang-Chi and the Legend of the Ten Rings haven’t filmed early March. This could lead to another wave of movie delays if some are unable to finish post-production by their planned release dates.
Though it’s easy to read into this new information about Bob Iger and Disney, it doesn’t necessarily spell trouble for the company or Chapek. In such an unprecedented time, it makes sense for Iger to lend his expertise. Disney and all of Hollywood will be feeling the effects of the coronavirus for years to come. Hopefully, the impact on Disney is lessened by Iger’s continued involvement in the company.
