Priyanka's mother slams Jaju for daughter's suicide claims

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, Jan 2: Hoping her cinematic voice can help bring about lasting change in how society perceives acid attack survivors, actor Deepika Padukone says her latest film Chhapaak should ideally be so impactful that there won't be need for another story on acid violence.

After all, cinema is in itself such a powerful medium, Deepika told news agency ahead of the release of the film, which is based on the life of acid attack survivor and activist Laxmi Agarwal.

The idea behind the social drama is to invoke empathy and understanding rather than paint women who have undergone the ordeal as victims, the actor, who has also produced the film, said in a telephonic interview from Mumbai.

"Beyond the gruesomeness, the violence and all of that, there is a story of the human spirit and hope. That's why we're telling the story," she said.

Deepika, 33, said it was a story that spoke to her and she felt pride in attaching herself to the project.

Chhapaak, directed by Meghna Gulzar and featuring Vikrant Massey, is the second mainstream film to focus on the subject after 2019 Malayalam movie Uyare starring Parvathy Thiruvothu.

"I hope we won't have to constantly tell stories on acid attack survivors for us to see change. I hope with our film we begin to see that change for ourselves as a society and for acid attack survivors.

"If we don't, then we've done something wrong as a society. Cinema in itself is such a powerful medium that hopefully just through this one film we will hopefully be able to see that kind of change and impact," Deepika said.

The actor said there was not much planning behind the decision to back the film financially.

"Sometimes certain films need a little more hand holding, a little more love and support. I felt like I would be adding a little more value as a producer.

"This is a film I'm very proud of, not just from the script point of view but even in terms of the story and its message," she said.

The film, which releases on January 10, will be Deepika's first release in two years and comes after her marriage to frequent co-star Ranveer Singh.

The actor said she used the time to creatively replenish herself.

"It was about finding a film worthy of putting out there. It's not that work at my end had stopped. I was constantly looking for scripts that challenged and excited me.

"I would look at it as time for creative fertility. It's important to nurture yourself. The work that goes on behind the scenes... most often we're constantly on a film set, but whether it's meeting with writers and directors, looking for scripts... That is also part of the creative process and that's what I've been doing."

The title Chhapaak instantly evokes the image of acid being splattered, and Deepika said the director wanted a word for the film's name that could also lend itself to a song.

"I think she said 'chhapaak', which is the sound of a splash, is something that could adapt or lend itself beautifully to a song. Perhaps, it also has to do with fluidity. So on one hand, liquid is known to take different forms, a liquid such as this (acid) can change someone's life forever," she said.