I had Rs 10,000 in my account when I got married: Ayushmann

New York, Feb 26: Disney CEO Bob Iger, who steered the company’s absorption of Star Wars, Pixar, Marvel and Fox’s entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement Tuesday.

The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney’s parks, experiences and products business.

“Did not see this coming -- Wowza,” tweeted LightShed media analyst Rich Greenfield.

Iger will remain executive chairman through the end of his contract on Dec. 31, 2021. Besides leading the board, Iger said he will spend more time on Disney’s creative endeavors, including the ESPN sports network, the newly acquired Fox studios and the Hulu and Disney Plus streaming services. He said he could not do that while running Disney on a day-to-day basis.

“It was not accelerated for any particular reason other than I felt the need was now to make this change,” Iger said on a conference call with reporters and analysts.

Iger steered Disney through the successful purchases of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney. Last year, the top five movies in U.S. and Canada theaters were all Disney movies, including two from Marvel and one from Pixar. With the Dec. 20 release of the latest “Star Wars” movie, Disney had seven movies that each sold at least $1 billion in tickets worldwide last year.

Iger’s most recent coup was orchestrating a $71 billion purchase of Fox’s entertainment business in March and launching the Disney Plus streaming service in November. That service got nearly 29 million paid subscribers in less than three months. In a statement, Iger said it was the “optimal time” for a transition.

Pivotal Research Group analyst Jeffrey Wlodarczak said Iger had implied he would stay until his contract ended in 2021.

“On the other hand, they just successfully closed the Fox deal and had an unquestionably successful launch of Disney Plus so maybe he felt earlier was better to hand off the reins,” he said.

Colin Gillis, director of research at Chatham Road Partners, said the choice of Chapek seems solid because his parks division has had success.

Chapek said that while he has not led television networks or streaming services, his background in consumer-oriented businesses should help. Chapek and Iger both stressed that Disney would continue on the direction it had already been taking.

Disney is facing challenges to its traditional media business as cord-cutting picks up, meaning less fees from cable and satellite companies to carry Disney networks such as ABC, ESPN and Freeform. Disney’s own streaming services require the company to forgo money in licensing revenue, although the company is betting that money from subscriptions will eventually make up for that.

In the short term, Disney parks in Hong Kong and Shanghai, China, remain closed because of the coronavirus outbreak. In a CNBC interview, Chapek said the outbreak may be a “bump in the road,” but he said the company could weather it given “affinity for the brand.”

Iger told CNBC he had no plans to stay with Disney beyond next year.

Iger’s appointment as CEO in 2005 had been accompanied by controversy and protest from dissident shareholders Roy E. Disney and Stanley Gold. But he has come to be seen as a golden-boy top executive, and even someone who could run for president.

Iger told Vogue in 2018 that he had started seriously exploring a run for president because he is “horrified at the state of politics in America today,” but the Fox deal stopped his plans. Oprah Winfrey told Vogue that she “really, really pushed him to run.”

Iger, a former weatherman, joined ABC in 1974, 22 years before Disney bought the network.

At ABC, Iger developed such successful programs as “Home Improvement,” “The Drew Carey Show,” and “America’s Funniest Home Videos” and was instrumental in launching the quiz show “Who Wants to Be a Millionaire.” He was also criticized for cancelling well-regarded but expensive shows such as “Twin Peaks” and “thirtysomething.”

Since Iger became CEO, Disney’s stock price has risen fivefold. Its stock fell more than 2% in extended trading following the announcement, on top of a broader market selloff on virus fears during regular trading.

Iger, 69, was the second-highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery’s David Zaslav who earned $129.5 million.

Susan Arnold, the independent lead director of the Disney board, said succession planning had been ongoing for several years.

Chapek, 60, is only the seventh CEO in Disney history. Chapek was head of the parks, experiences and products division since it was created in 2018. He was previously head of parks and resorts and before that president of consumer products.

Thiruvananthapuram, Jan 10: Eminent Carnatic vocalist and playback singer K J Yesudas, who has enthralled music aficionados across the world with his profound and mellifluous voice for the last six decades, turned 80 on Friday.

People from various walks of life, including Prime Minister Narendra Modi, Kerala Chief Minister Pinarayi Vijayan and luminaries of music and film world besides socio-cultural personalities, wished the legendary singer, popularly called as 'gana gandharvan' (the celestial singer) by his fans, on his birthday.

Regional newspapers came out with special pages and television channels with exclusive programmes as a tribute to the singer, who has recorded over 80,000 songs in various genres in almost all languages of India including about 25,000 film songs, Carnatic bhajans and devotional songs.

Besides Indian languages like Malayalam, Tamil, Telugu, Hindi, Kannada, Bengali, Odia, his voice gave life to songs in Arabic, English, Latin, and Russian during a career spanning over six decades.

Yesudas, whom the country had honoured with Padma Vibhushan in 2017, is the recipient of eight national awards, 25 Kerala state awards, five state awards of Tamil Nadu and four of Andhra Pradesh.

"On the special occasion of his 80th birthday, greetings to the versatile K J Yesudas Ji. His melodious music and soulful renditions have made him popular across all age groups. He has made valuable contributions to Indian culture. Wishing him a long and healthy life," Modi tweeted.

The Left veteran also shared a photo of the veteran singer along with the tweet.

Meanwhile, Yesudas this morning visited the Mookambika Temple at Kollur in Udupi district of Karnataka along with his family, a practice he has been following for the last four decades.

Draped in the traditional Kerala style kasavu mundu and shawl, 'dasettan', as he is known among his hardcore fans cutting across ages, Yesudas offered prayers along with his wife Prabha and sons and performed special poojas at the Goddess Saraswathi temple.

Hundreds of music buffs gathered at the shrine to wish the octogenarian singer.

Considered as one of the best playback singers in the country, Yesudas had begun his music career in the tinsel town with the Malayalam song "Jathi bhedam matha dwesham" in the year 1961 and sang in Tamil, Telugu and Kannada films among other languages.

Yesudas's foray into Bollywood saw him recording various memorable hits, including "Jab Deep Jale Aana" and "Gori Tera Gaon Bada Pyara".

Chennai, Feb 5: Income Tax sleuths on Wednesday raided top Tamil film actor Vijay's residence here besides conducting simultaneous searches at several premises linked to a film production house, movie financier and distributors in connection with suspected tax evasion.

The searches, which began in as many as 38 locations in Tamil Nadu, were still on and unaccounted cash of about Rs 25 crore was seized from the premises of a Tamil film financier who had faced allegations of intimidation and arm-twisting to recover money, official sources told PTI.

Also, several documents indicating substantial tax evasion has been seized, sources added.

Vijay, who was away in Cuddalore district for a film shoot, was apprised by authorities about the searches and he was en route to his residence here, they said.

So far nothing has been recovered from the actor's house and the inmates were cooperating with authorities in conducting the searches, sources said.

Raids were also on in the premises of the production house that had made Vijay's hugely successful recent Tamil movie 'Bigil.'

Further details are expected after completion of searches which is likely to continue tomorrow.

The State police has been providing security for carrying out the searches.