Preity Zinta acquitted in cheque-bouncing case against Abbas Tyrewala

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.

New Delhi, Jul 14: Going down the memory lane, late Bollywood actor Sushant Singh Rajput's close friend and actor Rhea Chakraborty recalled her memories with the departed actor as Rajput's untimely demise completed one month on Tuesday.

This marks the 'Jalebi' actor's first social media post dedicated to Rajput after his demise.

Chakraborty took to Instagram to post two pictures of herself with the 'Kai Po Che!' actor and complimented the post with a long emotional note.

She began the note by stating how she is "still struggling" to face her emotions and said that she will never come to terms with the actor's demise.

"Still struggling to face my emotions.. an irreparable numbness in my heart. You are the one who made me believe in love, the power of it," she wrote.

"You taught me how a simple mathematical equation can decipher the meaning of life and I promise you that I learnt from you every day. I will never come to terms with you not being here anymore," she added.

Terming Rajput as the "greatest physicist," the 'Mere Dad Ki Maruti' actor then recalled Rajput's passion for astrophysics.

"I know you're in a much more peaceful place now. The moon, the stars, the galaxies would've welcomed "the greatest physicist "with open arms," Chakraborty wrote.

Full of empathy and joy, you could lighten up a shooting star - now, you are one. I will wait for you my shooting star and make a wish to bring you back to me," she added.

Remembering the bond that she shared with him, Rhea wrote, "You were everything a beautiful person could be, the greatest wonder that the world has seen. My words are incapable of expressing the love we have and I guess you truly meant it when you said it is beyond both of us."

"You loved everything with an open heart, and now you've shown me that our love is indeed exponential," she added.

The 28-year-old actor ended the note by stating how she will love Rajput for a "lifetime."

"Be in peace Sushi. 30 days of losing you but a lifetime of loving you....Eternally connected. To infinity and beyond," she wrote.

Chakraborty and Rajput were close friends and were also set to share the screen space in the film 'Happy Anniversary.'

Sushant Singh Rajput was found dead in his Mumbai residence on June 14. The investigation in the case related to Rajput's demise is currently underway for which Chakraborty was also interrogated by Mumbai Police.

New Delhi, Jun 2: After Amitabh Bachchan, it is actor Akshay Kumar, who has come forward to support Bhumi Pednekar's initiative -- Climate Warrior -- urging the people to plant trees.

Bhumi Pednekar has sought to bring Bollywood together to spread awareness about mother nature through her campaign in view of the coming World Environment Day (June 5).

The campaign endeavours to get leaders from the entertainment industry to tell what is the 'one wish they have for the earth.'

Following the thread, the 'Kesari' actor was seen raising his voice on issues, and have taken steps to bring awareness to important causes like climate change.

"Our Beautiful Planet that has sustained us now needs us to protect it more than ever. During this time we as a community must tread carefully and act immediately" Akshay Kumar was seen saying in a video posted by Pednekar on Instagram.

"A lot of damage has been done and climate change is a grave reality that all of us are facing," he added.

Explaining his one wish to rebuild mother nature, is, as he says: "The simplest act of planting trees."

"I consider this as one of the most basic and efficient deeds that we can exercise individually and also urge others to do so. Let us do our bit to heal and rebuild the only planet we have. So join me and become a Climate Warrior," the 'Padman' actor concluded.

Ahead of the World Environment Day, and in support of Bhumi's initiative, legendary actor Amitabh Bachchan earlier in the day also pledged to be 'climate-conscious' in a bid to protect nature.