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Bob Iger
The Disney CEO's ride of a lifetime, from weather presenter to transformational leader.
“Don’t be in the business of playing it safe. Be in the business of creating possibilities for greatness” in his autobiography, A Ride of a Lifetime, in which he describes his career in Disney, from weather presenter to transformative CEO.
Disney stands out as one of the few corporations to have managed to transform themselves, not just to survive but to thrive, in today’s world of digital disruption and incredible change. Usually we turn to start-ups to learn how to embrace digital platforms and the new zeitgeist, but Disney is a shining example of how large and established organisations can do it too.
Bob Iger could easily have let the childlike dreams of his Magic Kingdom hide the need for significant change in his Disney empire. As a teenager he dreamt of becoming a news reader, or if not a weather presenter, for a local TV station. Instead he developed a love of production with ABC in gameshows and soaps, then joined Disney in 1996, becoming COO 4 years later.
Stepping up to the CEO job in 2005, replacing Michael Eisner might have seemed daunting. But the old Disney had lost its way, many of the most talented people had gone, and Disney was becoming a dinosaur of the digital age. In fact Iger was a key factor in Eisner’s demise, creating a “Save Disney” campaign.
As CEO he acquired Pixar Animation Studios, Marvel Studios’ superhero factory, the “Star Wars” franchise of Lucasfilm, and 21st Century Fox (for $71bn in 2019). Over the past 15 years, he has overseen 11 of the top 20 box office hits of all time, including “X-Men” and “Black Panther”. Disney’s parks are eight of the busiest 10 theme parks in the world.
In late 2019 he launched the Disney+ streaming platform, attracting 28 million subscribers in 3 months, with the help of his latest character Baby Yoda. This was particularly significant as it signalled Disney’s desire to retain a direct relationship with consumers, like Netflix, rather than becoming a content producer for other distributors.
Time magazine made Iger their 2019 Businessperson of the Year for his leadership in transforming Disney.
On 25 February 2020, after 15 years, Iger decided to step down, and hands over to Bob Chapek who becomes Disney’s 7th CEO in 100 years. Disney’s market value has grown 5 times under Iger’s leadership, from $48bn to $257bn. He leaves an incredible legacy of digital transformation and profitable growth, making Disney the most innovative company in entertainment again.
Here are some of my favourite quotes from his book A Ride of a Lifetime:
“Optimism. One of the most important qualities of a good leader is optimism, a pragmatic enthusiasm for what can be achieved. Even in the face of difficult choices and less than ideal outcomes, an optimistic leader does not yield to pessimism. Simply put, people are not motivated or energized by pessimists.”
“Ask the questions you need to ask, admit without apology what you don’t understand, and do the work to learn what you need to learn as quickly as you can.”
“True authority and true leadership come from knowing who you are and not pretending to be anything else.”
“If leaders don’t articulate their priorities clearly, then the people around them don’t know what their own priorities should be. Time and energy and capital get wasted.”
“Innovate or die, and there’s no innovation if you operate out of fear of the new or untested.”
“At its essence, good leadership isn’t about being indispensable; it’s about helping others be prepared to possibly step into your shoes—giving them access to your own decision making, identifying the skills they need to develop and helping them improve, and, as I’ve had to do, sometimes being honest with them about why they’re not ready for the next step up.”
Fast Leader, March 2020