Boardwalk Times: Stories from the Seashore — Bob Iger’s Final Days at Disney And What Comes Next?
Originally published on December 29, 2021.
Welcome back to Boardwalk Times: Stories from the Seashore! In this month’s newsletter, we will be discussing Bob Iger’s final days at Disney. Also, this month we will be diving into Spider-Man: No Way Home’s box office success and its potential awards run. All that plus a ton of Links of the Month in the last edition of Boardwalk Times: Stories from the Seashore for 2021.
Bob Iger’s Final Days At Disney And What Comes Next?
Bob Iger.
A man who will forever be tied to The Walt Disney Company. Iger rose to CEO back in 2005, and he went on to create monumental change for the company. Iger led Disney to acquire Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019). The moves would reshape what we think as Disney.
Throughout his tenure, he had many memorable moments like overseeing the opening of Shanghai Disney Resort and the releases of record-setting films from Marvel Studios and Walt Disney Animation. One of Iger’s last achievements was the creation of Disney+ in 2019, which would turn out to save the company in 2020.
But now the Iger era is coming to a close. The Executive Chairman will officially retire and depart Disney on December 31. Disney CEO Bob Chapek will no longer be in Iger’s shadow and will take full reign of the kingdom.
In October, Kim Masters wrote at length about Bob Iger’s Long Goodbye. Which included Iger giving a plea to the Disney board and top management not to be over-reliant on data during the company’s annual retreat at the Disney resort Aulani. Many thought this was a shot at Chapek but many who were there have come out to say that wasn’t the case.
Chapek has always been labeled as a data-driven executive and not a creative type, it’s something he will probably have to fight as his tenure continues. Following Iger was always going to be an extremely tough act to follow but the fact Chapek also took over right at the beginning of the pandemic shows how challenging the start of his tenure has been.
The article also details how Iger/Chapek’s relationship reportedly soured and how transitions are often messy. When Chapek reshaped the company and gave power to Kareem Daniel, Chairman of Disney Media and Entertainment Distribution, the move sidelined and lessened the power of the creative executive teams put in place by Iger. Some even from the Fox deal like Dana Walden, Peter Rice, and John Landgraf.
Daniel’s division runs profit and losses and determines distribution, something that used to be done by the creative executives. FX President John Landgraf basically said some of the creative executives are basically “brand managers.” But without other duties, these executives can’t show off if their division is more successful than others, and it lessens their overall control. The upside is they have more money to spend on content.
Chapek had to insert Daniel to run DMED and run distribution for the entire company because if he would’ve left it to the hands of the studio heads they would continue pumping content for linear channels and movie theaters instead of pumping content for the streaming services.
Chapek has done things differently than Iger for sure. Look at how his team handled the response to the Scarlett Johansson lawsuit or even something as minor as Disney’s interest in sports gambling (something that Iger always ruled out). If Chapek states he has an interest in pursuing video games then we will flat out know he’s trolling his predecessor.
Bob Iger even hosted a going-away party. An event that was attended by Disney executives and Iger’s famous friends. It was the exact event that Bob Chapek canceled his Destination D23 appearance for. Because there was no way he could make it to Orlando due to the conflict. Plus Iger’s going away party is slightly more important to his career than a Destination D23 appearance (there will always be another one).
In Iger’s final days at the Mouse House, we have seen a series of changes. The Walt Disney Company elected Susan Arnold as its next Chairman of the Board. Arnold will now assist Chapek in this next era of Disney. Remember Iger didn’t get the title of Chairman right away, so it isn’t a surprise Chapek wasn’t elected Chairman despite what some sites may tell you.
Disney would extend CFO Christine McCarthy to 2024. This makes sense considering Chapek and McCarthy do the quarterly calls together and seem to have a good relationship.
Chapek would hire Geoff Morrell as Chief Corporate Affairs Officer and Horacio Gutierrez as General Counsel and Secretary. Chapek’s hiring of two outsiders speaks volumes as he takes full reign of Disney.
Gutierrez comes from Spotify — Apple’s main audio competitor. Which it’s ironic to think about considering Disney and Bob Iger’s amazing relationship with Apple. I don’t think Chapek did it out of spite though obviously. Just seems he wants more change and fresh ideas.
Speaking of fresh ideas, Chapek’s hiring of Morrell is particularly interesting on how Morrell’s role is much more expanded in comparison to Disney’s outgoing communications chief Zenia Mucha. Morrell will oversee Corporate Communications, Global Public Policy, Government Relations, Corporate Social Responsibility (CSR), and Environmental, Social and Governance (ESG) teams. Morrell will have a big role in Disney not in just its communications but in its political side as well.
There has been an astonishing amount of bad press out for Chapek to the point it makes you wonder if someone within Disney is trying to sabotage him. So, many of these pieces have anonymous execs with revealing quotes. If this was really the case no wonder Chapek would hire outsiders who want to be on his team. I think it’s something to keep a close eye on in 2022 if we see more longtime Disney execs retire or leave just to be replaced by new blood. Morrell is replacing a retiring Zenia Mucha from the Iger era, and Gutierrez is replacing a retiring Alan Braverman, who has been with Disney as general counsel since the Eisner era.
But as Chapek shapes his new staff. What comes next for Iger?
Iger’s next act could be buying an NBA team — with a group — or even starting his own investment firm. I also wouldn’t be surprised if Iger ends up doing something creative too as it seems like he enjoyed that role later on in his career.
Iger also has put political aspirations to bed. And he doesn’t want to join another company. It seems like he enjoys mentoring founders. So my bet is a mixture of the three but I lean more toward an investment firm and some creative work in his next act.
Iger’s final days have come down to doing a media tour. Where he has revealed that he’s taking his family on a vacation to Walt Disney World, his thoughts on “day and date” films, and all of his accomplishments throughout his storied Disney career.’
During this farewell media tour, Iger even did the weather to bookend his Disney journey. From weatherman to CEO to Executive Chairman.
I don’t think he would do this grand of a farewell media tour just to hop back into the company months later. Especially after he admitted to CNBC that he was “becoming dismissive of other people’s opinions.”
Iger’s biggest request to Chapek and the rest of The Walt Disney Company is to keep the “creative fires burning.”
Will the flames of these “creative fires” keep burning? I like to think so.
‘Spider-Man: No Way Home’ Box Office Soars And Now A Possible Best Picture Nominee
After a massive domestic opening of $260 million, Spider-Man: No Way Home continues to soar at the box office. Which is a welcoming sign to see. No Way Home hit $700 million at the global box office after just five days. No wonder Sony/Marvel Studios are continuing their relationship.
The film crossed $1 billion at the global box office on Christmas Day and that’s without China. The film is a massive draw and will finish as 2021’s Biggest Film of the Year.
The film is Sony’s biggest success at the U.S. box office. The film could also be Sony’s most profitable film of all time with a net profit of around $600M+.
So, there is a couple of takeaways from its box office performance…
People will go see event films in theaters — even with the pandemic concerns.
When you don’t promise a short window or an alternative streaming option. Your repeat viewings at theaters go up.
Once again, Sony and Marvel Studios have to get an extension done. They are just way too successful together.
Tom Holland is going to get massive paychecks and his next Marvel Studios contract could be spectacular. Feige could give him the supermax! (My fellow NBA fans will understand that reference).
And now Sony and Marvel are going to push it for The Oscars. Which why not? A ton of films push for it? Shouldn’t one of the biggest films of all time get some award season love?
Especially considering at the time when it’s coming out, and it looks to have spurred more moviegoing in general or at least minimized the fear behind it in a pandemic world.
The Oscars telecast is in desperate need of something to get viewers to tune in and Spider-Man: No Way Home being a nominee may just do it. Imagine the interest of seeing if The Academy would give one of the most popular films of the year — arguably of all time —some awards.
You’d get casuals that wouldn’t typically get to tune into The Oscars, you’d get your hardcore film fans that may be losing their minds at the fact Spidey is at the big dance but they will hate-watch anyways, and then you’d get the massive superhero fan audience tuning in. Also, the ceremony is on Disney-owned ABC. Are my synergy senses tingling?
The film also has been successful with critics and fans alike. I would have no issues with No Way Home in the Best Picture category.
“When you’re making these films, you know that good or bad, millions of people will see them, whereas when you’re making a small indie film, if it’s not very good no one will watch it, so it comes with different levels of pressure. I mean, you can also ask Benedict Cumberbatch or Robert Downey Jr. or Scarlett Johansson — people who have made the kinds of movies that are ‘Oscar-worthy’ and also made superhero movies — and they will tell you that they’re the same, just on a different scale. And there’s less Spandex in ‘Oscar movies.’” — Tom Holland, THR
This quote from Holland stands out to me when people always criticize MCU films even though the people who have done “Oscar-worthy” stuff do these exact films, and they’re the same at the end of the day. They are just films.
Within the article at THR, I also agree with Tom Rothman and Kevin Feige’s points. Rothman discusses how he founded Fox Searchlight which specializes in art films and constantly produces Oscar winners. Rothman says art films should be included but not at the exclusion of commercially successful and quality cinema like No Way Home. Feige hopes The Academy will note how a film like No Way Home brought several emotions out of its audience like cheering and crying. Plus the fact it’s a film that literally got people out of their house to go see.
Will Spider-Man: No Way Home actually get nominated for an Oscar? That remains to be seen. The fact they are chasing after it is a good sign though.
LINKS OF THE MONTH
— Star Wars Galactic Starcruiser reception isn’t so hot right now and cancellations are piling up for the first few months. (Screen Rant)
— In honor of No Way Home, a fun Tom Holland interview. (The Hollywood Reporter)
— Kevin Mayer and Tom Staggs buy another company! This time Fauda producer Faraway Road. (The Hollywood Reporter)
— A great and balanced feature on Disney CEO Bob Chapek. (Financial Times)
— Disney’s annual shareholder’s meeting will be on March 9, 2022.
— Bob Chapek, Bob Iger, James Pitaro, Kareem Daniel, Rebecca Campbell, Dana Walden, and other Disney executives make the Variety500. (Variety)
— How Marvel Games got its groove back. (The Verge)
— Who’s back of the week? Typhoon Lagoon!
— Tom Holland and Zendaya react to returning characters in No Way Home. (Marvel)
— Kevin Feige once again reiterates that the Marvel Studios’ Spider-Man franchise is like Harry Potter. (The Direct)
— Good behind-the-scenes piece on The Book of Boba Fett (The Hollywood Reporter)
More is coming in 2022 from Boardwalk Times. We will have new newsletters, videos, podcasts, and articles. We will also have some cool announcements in the next year. Great things are coming.
Thank you all for reading and supporting Boardwalk Times.
Happy New Year! See you in January!