Now, we don’t know the reasons here at all. And yet:
Former Walt Disney Co Chief Executive Bob Iger is returning to the media company as CEO less than a year after he retired, a surprise appointment that comes as the entertainment company struggles to turn its streaming TV services into a profitable business.
Mr Iger, who retired last year after 15 years as chief executive, has agreed to serve as CEO for two more years, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020.
The change, a dramatic turn of events for the world’s largest media company, was effective immediately.
The Peter Principle says that everyone – eventually – gets promoted to their position of incompetence. The corollary is that all useful work is therefore done by those who have not been so promoted as yet.
OK. But the actual lesson on the PP is that you’ve still got to promote folk, because you do need the things done. But what do you do with those who meet their level of incompetence?
The answer being to be ruthless enough (there are varied ways of softening the blow, but the strike must still take place) to acknowledge when it’s happened and act when it has.