Bob Chapek took over the management of Walt Disney Co. (SAY) – Get the Walt Disney Company report with a number of things working against him.
First, he had to deal with taking the top job in February 2020, roughly when the coronavirus pandemic first became evident. Second, he took over the presidency while former CEO Bob Iger moved down the hall to become the president of the company.
Yes, Chapek was the CEO, but his beloved predecessor still casts a major shadow and there have even been calls for him to take over the top post until the pandemic is over. That never happened and Chapek remained the CEO of Disney, leading the company through a period when its theme parks were closed, theaters closed, and streaming services became much more important, but the filming of content for them has become difficult because of Covid.
The new boss of the House of the Mouse had a lot to deal with, with almost immediate calls for his replacement. He literally had to deal with issues that no CEO had ever seen like before. He did not come out of the crisis unscathed – he has been criticized for handling Scarlett Johansson‘s issues with her salary for “Black Widow”, which ultimately became a lawsuit, and for the way he treated many others. problems.
Chapek prevailed, however, and at the end of the year Iger’s retirement became official. This made the new boss the undisputed leader of the company and he celebrated by sharing his priorities – his three pillars in preparing the company for success for the next 100 years – in a note he shared with employees ( that Variety released).
The 3 pillars of Bob Chapek for Walt Disney
Chapek’s Three Pillars are at the heart of what he believes has made Disney successful for so long. He initially focused on “excellent storytelling”.
What makes Disney so unique is that the stories we tell are meaningful to people. They inspire, give hope, bring us together, light up the world around us and create memories. This is the magic of Disney, and we need to keep raising the bar for creativity. To that end, and in addition to all of my other creative meetings, I’m establishing a new standing monthly meeting with our top creative leaders to discuss the opportunities we face as a storytelling business. This will encourage collaboration, sharing of best practices, and boost ideation between studios.
During the pandemic, the Disney + streaming service became a major driver for the company. It was no accident and Iger had laid the groundwork for this success for years. Yes the The pandemic has been accelerating, but it was Chapek’s second pillar, “innovation,” that actually paved the way for the streaming service’s massive growth.
Because Willie Steamboat, we were the greatest innovative storytellers in the world. This must continue as technology evolves, providing our creative teams with new canvases like the Metaverse to paint on. We need to be especially innovative as we seek to bring stories to life in new ways, especially if they enhance what many call our “franchise ecosystem,” which is one of the things that sets us apart.
Chapek also clarified that the first two pillars don’t matter if Disney loses. view of the third, “relentless focus on our audience.”
We are a large company with many constituents and stakeholders, all of whom have a place in our decision-making. But at the end of the day, our most important guide – our North Star – is the consumer. Right now, their behavior is telling us and our industry that the way they want to experience entertainment is changing – and changing rapidly thanks to technology and the pandemic. We need to evolve with our audience, not work against them. We will therefore put them at the center of every decision we make.
Disney, he told his staff, has the tools to succeed in a very crowded media landscape. He hammered home the idea that his company “stands alone” when it comes to competing.
“We have the world’s most creative storytelling engine and the world’s most beloved brands and franchises – which we can bring to life in ways that no one else can,” he said. “We have a portfolio of distribution platforms across the world – including powerful streaming services – with the ability to reach audiences anywhere, anytime.”
The CEO also praised his ABC news division and called ESPN “the most trusted brand in sports,” before concluding by commenting on his company’s ability to entertain people who visit its properties.
“We bring people together and create magical memories that last a lifetime in our parks and on our cruise ships,” he said. “We have a unique ability to impact culture and connect with people on deeply personal levels. And we have the best team in the business for you. “