Steve Jobs, co-founder of Apple Inc. advised Bob Iger to retire from Walt Disney Co. and enjoy life. This advice was given shortly before Jobs’s death in 2011.
What Happened: Jobs, who was worth an estimated $10.2 billion at the time of his death, emphasized the importance of enjoying life over accumulating wealth. This sentiment was echoed in a 1996 PBS documentary where Jobs stated, “It wasn't that important,” referring to his wealth.
Nearly a decade later, Iger reflected on Jobs’s advice as he considered his own future at Disney. The New York Times reported that Iger thought about this advice during his departure from the CEO role in 2020 and his return in 2022.
In 2021, Iger told CNBC that he stepped down as CEO when he felt he was becoming dismissive of other views. Despite stepping down, Iger remained involved in Disney’s operations, which led to friction with his successor, Bob Chapek. This eventually resulted in Chapek’s dismissal and Iger’s return as CEO.
Currently, Iger is focused on finding his successor and is keen on retiring. He mentioned in a podcast with Kelly Ripa that he is “obsessed” with CEO succession, a priority established by the board upon his return.
Why It Matters: The advice from Jobs to Iger holds significant weight, given Jobs’s status as a visionary leader. Jobs’s management style, which combined creativity and business acumen, has been influential in various sectors.
His belief in the limited value of management consultants compared to business owners underscores his emphasis on hands-on leadership.
In addition, Iger’s journey at Disney has been marked by significant milestones and challenges. His return as CEO in 2022 was pivotal, especially considering the friction with his successor, Chapek.
Iger’s focus on succession planning is crucial for Disney’s future stability. During a second-quarter earnings call in May, Iger assured a “smooth transition” for the next CEO, although he remained tight-lipped about specific plans.
Moreover, Iger’s potential acquisition of a stake in the women’s soccer team Angel City highlights his continued influence and interest in diverse ventures. This move could set a record for the priciest women’s sports team, further cementing Iger’s legacy as a multifaceted leader.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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