In Hollywood, a superhero often returns: when an action film does well at the box office, the lead character gets at least one sequel. Walt Disney this week extended this approach to the company’s governance, ejecting Bob Chapek as its chief executive after he lost the confidence of investors, and bringing back his predecessor Bob Iger.
Disney shares initially rose 9 per cent on the hope that Iger, who oversaw its acquisitions of Marvel and Pixar and launched the Disney Plus streaming service during his 15-year tenure as CEO, will display a defter touch than Chapek. He must soothe discontent within Disney, address growing losses in streaming and restore its confidence.
Many leaders secretly dream of being asked to return because their successor has failed, but it happens only rarely. AG Lafley returned to the top job at Procter & Gamble in 2013, while Howard Schultz has come back twice to lead Starbucks, which he founded. The most spectacular return was that of Steve Jobs to Apple in 1997, when it was on the verge of bankruptcy.