In the business of entertainment, few have a more impressive track record than Bob Iger. As CEO of Disney, he has overseen major acquisitions like Pixar, Lucasfilm and 21st Century Fox while driving growth with new content across multiple platforms.
His blunt assessment of linear television as a “no-growth business” was brutally honest, but he probably shouldn’t have alienated thousands of workers in the process.
Theme Parks
A theme park is a kind of immersive experience, an artificial environment whose design is inspired by a particular topic or period. Many of the most successful parks in the United States were built in the 1940’s and 50’s, driven by a desire to create respectable family entertainment with pedagogic value, to bring a safe, romanticized vision of the world to American shores, and to connect, however artificially, with developing American historical mythologies as the country established itself on the global stage.
Theme parks require active participation, and are most effective in the company of others. They offer an escape from the mundane, stimulate emotions, and challenge the mind. As such, they are very different from movies or television, and therefore require a completely different type of creative genius to master.
In his 15 years as CEO of Disney, Bob Iger has facilitated one of the most remarkable revitalizations of any iconic American brand. He has expanded the company’s intellectual property portfolio, diversified into international markets, and increased revenue and earnings significantly.
He also helped make Disney the highest-grossing studio in history, and has stewarded a significant expansion of Disney’s direct-to-consumer businesses, including streaming platforms Disney+ and Hulu. Of course, you don’t release seven of the top-grossing films in a year by accident; it takes good timing, talent, and acquisitions.
But more than anything, Iger has overseen the most profound reinvigoration of Disney’s theme parks since Walt Disney himself. That is the most enduring legacy of his time as chief executive officer of The Walt Disney Company.
Movies
Iger’s reign as CEO of Disney hasn’t always been a success. But you don’t release seven of the eight highest grossing movies of a given year by chance. During Iger’s tenure, the company has expanded its intellectual property portfolio through major acquisitions and developed its studios by investing in creative talent and fostering innovation.
This is the man who got George Lucas to sell Star Wars. This is the man who helped Kevin Feige shape the MCU after Disney bought Marvel. So when Bob Iger stepped in to replace Bob Chapek as Disney’s temporary CEO, fans rejoiced. They knew this was the guy who wasn’t going to destroy what they loved.
But despite his achievements, Disney was a polarizing figure. He was an iconoclast who dared to believe crude cartoons could rise to the level of art, but he also fought bitterly with his employees and feared being found guilty of communism by the House Un-American Activities Committee. He was a brilliant innovator who pushed himself, his employees and the public beyond what they thought possible and shaped the American imagination like no other person in history.
During his lifetime, Disney produced over 100 films, but his most successful works were animated feature films, like Snow White and the Seven Dwarfs and The Jungle Book. He embraced the new medium of cinema and harnessed technology to bring his vision to life.
One of the best books on Disney’s career is Walter Elias Disney by Neal Gabler, a journalist who tracks the company founder’s amazing life. Gabler ably describes how Disney was constantly reinventing himself to find new passions, whether it was an ambitious project like Disneyland or a sentimental drivel such as Home on the Range.
For example, when Disney’s animated film studio began to sputter in the 1920s, the journalist writes that it wasn’t because of lack of resources or personnel but rather a failure to put heart into the films. Disney’s Home on the Range was a dusty ride through stock archetypes and one-note sidekicks. Those stale, formulaic films were not what the public wanted from an animator who had already proven himself as a master of storytelling on the stage and on the screen.
Television
In the entertainment world, it’s rare for a legend to retire after a long run at the top. Bob Iger was such a man. His announcement this week that he would step down as CEO of Disney after 15 years at the helm was met with the same type of reverence reserved for the likes of Mariano Rivera, Lou Gehrig and even Kobe Bryant.
During his tenure, Iger built on the company’s rich history of storytelling through smart and savvy acquisitions. He secured Pixar in 2006 for $7.4 billion, pushed for the purchase of Marvel in 2009 and Lucasfilm in 2012, and brought 21st Century Fox under the Disney umbrella in 2019 for $71.3 billion.
More importantly, Iger has kept the company’s culture of innovation and creativity alive. He’s deft at smoothing the bruised egos of creative types, while juggling the pressure to hit financial goals. He has a politician’s knack for putting people at ease and an ability to make the hard decisions that no one else wants to take.
His re-envisioning of linear television was one of the best things he’s done for the company. It has helped drive attendance numbers to record highs that most everyone would have thought impossible just 15 years ago.
He’s also been great at bolstering the Disney parks with new attractions and lands. He knows that if you don’t have something new, fans will leave in droves. The additions of Avatar, the reimagined Disney’s Hollywood Studios and the planned King Thanos attraction are proof of this.
Unfortunately, his reign hasn’t been without missteps. The ill-considered rant about striking writers and actors was probably the single worst thing he’s ever said as a corporate executive.
Despite those few missteps, Iger has built upon the legacy of Walt Disney to create one of the most powerful and recognizable media companies in the world. His strategic vision is based on three fundamental pillars: generating the best creative content possible; fostering innovation and embracing new technology; and expanding into markets around the globe. The legacy of Walt Disney should inspire every business leader to keep a little bit of that restless spirit in their own blood.
Direct-to-Consumer
Disney CEO Bob Iger is widely considered one of the best in corporate history, and his legacy as a leader at The Walt Disney Company is massive. He has built the company on a foundation of creative excellence, technological innovation and international growth, including the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased Disney’s market cap by more than fivefold over his tenure.
When Iger came back to Disney in 2005, he was tasked with turning around a company in crisis. Under previous CEO Michael Eisner, Disney had struggled with its parks, its movie studio and its TV channels. Disney’s value had dipped below $50 billion, and its stock was trading at less than $25 per share.
While he could have simply bought out the board and thrown in his own people, Iger chose to work with Disney’s existing management team and re-energize the company’s culture. He quickly turned around the parks, which saw attendance numbers shoot up and a renewed sense of creative daring that is visible everywhere from the rides to the shows.
As for the movies, Iger knew the importance of a strong studio, so he made sure Disney stayed ahead of its competitors by adding more IP to its film slate. He also made savvy acquisitions that gave Disney a leg up in the increasingly competitive streaming media space, such as Pixar in 2006 and later buying Marvel and Lucasfilm.
By focusing on the strengths of each division, Iger created a company that is more well-positioned to thrive in this new era of content disruption. The fact that Disney now has seven of the top eight films at the box office this year is a testament to his leadership.
As we celebrate the 15 years of Iger’s leadership, it’s important to remember what drove Walt Disney to make this company so special in the first place. He was a restless innovator who pushed himself, his team and the public beyond what they thought possible. And that spirit of creative daring still drives Disney’s success today, and it will continue to drive us into the future.
