Disney CEO Bob Iger tells Cast Members that theme parks 'is a business where you spend to succeed'

Nov 28, 2023 in "The Walt Disney Company"

Posted: Tuesday November 28, 2023 3:00pm ET by WDWMAGIC Staff

Disney CEO Bob Iger hosted a Town Hall session with Cast Members today, discussing the company's recent achievements and future building opportunities.

 

Despite not taking questions or making any new announcements, Iger continued reiterating recent messaging that Disney plans to invest heavily in the company's theme park segment.

Referring to the recently announced $60 billion investment in parks and resorts across the next ten years, Iger told Cast Members watching the virtual event that "this is a business where you spend to succeed." Iger has previously said that the investment would allow for expanding and enhancing domestic and international parks and cruise line capacity.

Speaking in April 2023 at the Walt Disney Company Annual shareholder meeting, Disney CEO Bob Iger said that Disney plans to spend $17 billion over the next ten years, specifically at Walt Disney World, bringing 13,000 new jobs to the area.

Interim CFO Kevin Lansberry told investors earlier this month to "expect those investments to ramp up towards the back half of that 10-year period with more gradual increases in the first few years."

Iger was joined at today's Town Hall by the four Disney segment Chairmen - Alan Bergman, Josh D'Amaro, Jimmy Pitaro, and Dana Walden.

Today's Town Hall session comes almost a year after Iger returned to the top job at Disney. When asked about the challenges facing him on his return, Iger said, "I knew that there were a myriad of challenges that I would face coming back. 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."

In a previous memo to employees inviting them to the session, Iger said, "As I reflect on the immense progress we've made this year and look ahead to the many opportunities before us, I'm grateful to all of you - the people of this great company - for the tremendous work you do each and every day to ensure we continue delivering incredible entertainment for our audiences, guests, and fans all over the world."

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flynnibus10 hours ago

Well… they could say he’s doing the market focused/motivate moves…. But still failing to achieve market success…

Sir_Cliff11 hours ago

I'll never quite understand Disney fans complaining Iger is a soulless, money grubbing executive who puts short-term profits above all else and has thus ruined the parks, then using Wall Street investors as a barometer for whether he's making the right moves. This kind of obsession with stock prices and quarterly earning reports having to grow ever higher for all eternity is far more of a problem than Iger.

TrainsOfDisney12 hours ago

The Penguin IS the bartender!!!

networkpro12 hours ago

Yep, it wasn't sector wide. Some are doing fine. Some heads admit that they've made mistakes and actually do something to recover like David Zaslav.

Basil of Baker Street12 hours ago

Whaaat? Two days? Lets do 10 years Bartender. I'll have what the penguin is having.

MisterPenguin12 hours ago

Ya sure it's Disney's fault? ;)

Basil of Baker Street13 hours ago

Hey Disney, You're dragging down my total market ETFs

HauntedPirate14 hours ago

Nothing wrong with some Arb's. Double roast beef sammich, Arby's sauce, plus a large curly fry. And a Coke Zero.

monothingie16 hours ago

Well I did go to Arby's for lunch. So I may have lost more than one thing.

Lilofan17 hours ago

Overall market today , yes, but long term investing my monies are far working harder and earning more than I will ever in countless lifetimes!

Sirwalterraleigh17 hours ago

Anyone else losing money today?

Trauma18 hours ago

With such a horribly mismanaged company it’s hard to set a buy target for this. I guess I would feel comfortable at anything under $70. Company of course has a huge upside if better leadership takes over.

Sirwalterraleigh19 hours ago

…great call

JoeCamel19 hours ago

Put some pink on it and you have Cindy's castle