Sunil Grover confirms he's coming back with another show soon

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.

Los Angeles, Jul 14: US officials on Monday found the body of "Glee" actress Naya Rivera in the Californian lake where she drowned last week during a boat trip with her four-year-old son.

Rivera's body was retrieved and an initial examination found no evidence of foul play or suicide, Ventura County Sheriff Bill Ayub told a press conference.

"We are confident the body we found is that of Naya Rivera," said Ayub, pointing to the location, appearance, clothing and condition of the body.

Her body was being taken to a medical examiner's office for a full autopsy and confirmation of her identity from dental records, though no other missing persons have been reported at Lake Piru, he added.

Rivera, 33, is believed to have accidentally drowned after renting the boat with her young son at the camping and recreational hotspot around an hour's drive northwest of Los Angeles.

She vanished on Wednesday afternoon, and a massive search involving divers, patrol boats and helicopters was launched after her sleeping son was spotted drifting alone in a boat on the lake.

The son later told investigators that Rivera had helped him into the boat before "he looked back and saw her disappear under the surface of the water," said the sheriff.

Ayub pointed to the lake's strong currents as a possible cause of a fatal accident.

"The idea perhaps being that the boat started drifting -- it was unanchored -- and that she mustered enough energy to get her son back onto the boat, but not enough to save herself," he said.

The lake has been closed to the public since Wednesday, with around 100 personnel, including the US Coast Guard and rescuers from neighboring counties, joining the search.

Search teams used footage from video messaging calls Rivera made from the boat before her disappearance, as well as interviews with her son, to scour portions of the lake bed for her remains over six days, with no success.

"We believe she was concealed within some of the shrubbery on the floor bed of the lake" before eventually floating to the surface due to natural decomposition, said Ayyub.

With less than one foot (30 centimeters) of visibility underwater in daylight, the recovery operation was a "complex search effort" even with use of sonar equipment, he said.

Rivera was best known for her role as high school cheerleader Santana Lopez in "Glee."

She starred for six seasons in the wildly popular musical television series set in a US high school that ended in 2015.

The "Glee" cast has been struck by tragedy before.

Actor Mark Salling took his own life in 2018, weeks before being sentenced for possession of child pornography.

Canadian castmate Cory Monteith died in July 2013 of an overdose of drugs and alcohol.