Bob Iger Gets Real At Disney Town Hall: 'No One Wants To Follow A Pessimist'

During a town hall with Walt Disney Company DIS employees Tuesday, CEO Bob Iger said his return to lead the company has been more challenging than he originally anticipated.

Here's a look at what Iger told company workers and what he's excited about for the future.

What Happened: Iger rejoined Disney in November 2022 as the CEO of the company, which came after several years away from Disney after previously having the same role. Since his return, Disney shares have been under pressure for multiple reasons.

"I knew that there were myriad challenges that I would face coming back," Iger said Tuesday, as shared by Variety. "I won't say that it was easy, but I've never second guessed the decision to come back, and being back still feels great."

Iger said he has spent his first year since returning to the company "fixing a lot of things." The Disney CEO hopes to get back to building, which he said is more fun than fixing.

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What's Next: Iger stressed his optimism for Disney at the town hall with employees.

"I talk about optimism being an extraordinarily important trait of a leader, because no one wants to follow a pessimist," Iger said. "But I also believe that hopeless optimism doesn't do anybody any good."

The Disney CEO discussed the possibility of selling assets, explaining that the company is exploring ways to enhance efficiency. He mentioned that these potential asset sales could contribute to the “future health of the business.”

The town hall was held as Disney has had several box office disappointments, including the performance of the recently released animated film "Wish."

"One of the reasons I believe it's fallen off a bit is that we were making too much. I think when it comes to creativity, quality is critical, of course, and quantity in many ways can destroy quality. Storytelling, obviously, is the core of what we do as a company."

The one-hour-long town hall also featured the heads of entertainment, ESPN and parks for Disney.

ESPN head Jimmy Pitaro reiterated that the company plans on launching an ESPN streaming-only platform by 2025.

"We're looking at things like timing, things like price point," Pitaro said.

Price Action: Disney shares trade at $92.95 versus a 52-week trading range of $78.73 to $118.18. Shares are up 7% year-to-date in 2023.

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