The second coming of Disney’s Bob Iger has been extended given the challenges he faces — particularly when it comes to restoring the stock market magic of his first tenure.
The entertainment giant’s shares rose nearly sixfold during Iger’s first 15-year stint as chief executive officer through to February 2020. His successor Bob Chapek oversaw a 28% decline during a brief and tumultuous stretch, as the COVID-19 pandemic forced Disney to temporarily shutter theme parks, its film studio and cruise businesses.
So far, the stock is down 6.8% since Iger’s return as CEO in November, while the S&P 500 Index has rallied 14% in that time. Netflix, which competes with Disney directly in streaming, is up 56% and its market capitalization is now leading by the widest margin ever.