Bob Iger’s Keys to Success and Successful Leadership From Running Disney.
“I like people to know that I care…the people that work for me that I care about their work.” —Bob Iger
Bob Iger, the current CEO of Disney, is once again running the happiest company on the planet. Disney has more than 200,000 employees as well as several global businesses that include several theme parks, and global brands such as ESPN, ABC, and Pixar. During his first 15-year run leading the company, Iger expanded the company’s business internationally and increased its market-cap by about 4x. He led the acquisition of Pixar, Marvel Entertainment, Lucasfilm, and the entertainment and media assets of 21st Century Fox. Furthermore, he spearheaded Disney’s brand into East Asia by developing Hong Kong Disneyland Resort and Shanghai Disney Resort. Iger also oversaw the creation of Disney+, the company’s direct-to-consumer platform that has more than 164 million subscribers.
Iger published his first book, “The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,” which is a NYTimes Bestseller. In a 2019 interview, Iger credits hard work, great mentors, and luck for his success. At the heart of Disney is storytelling, Disney+ is about getting those stories out in a post-pandemic world.
View and purchase Iger’s Book on Amazon . #commissionsearned
Some of his key insights and teachings on business are below:
Iger states one of his former bosses, Dan Burke, made everyone feel like they’re the most important person in the world. When he goes to a meeting, he doesn’t take his device with him (leaves it in his office).
A self-admitted introvert, Iger credits putting together a strong and reliable team of (10 or so+) individuals that he regularly communicates with. Unless he believes he can seriously contribute to a project or initiative, he allows his team to make their own business decisions without micromanaging them. He makes clear his priorities and also what he expects of them and the company. He will engage with a level of people below them, particularly with big movies. “If you have time and if you have resources…then spend the time and the resources to make something that’s good into something that’s great.” He tells the story of watching the company’s Lion King remake and realizing that the voice acting was lackluster in certain parts. Some of the voice acting didn’t have enough emotion in critical parts of the movie, so he exhorted the director to go back and improve it even if it took more money and time.
On patience, empathy, and leadership during crisis, Iger mentions how it took 17 years to open Disney resort in Shanghai, a $6 billion project at the time. Iger made 40 trips over that 17 years to the city. During the June 2016 opening in Shanghai, what should have seemingly been a joyous moment for Iger and Disney–specially because of the long time it took to get the project going, as well as Disney’s ability to overcome many challenges such as issues with contractors, change in political regimes, and finally put Disney, an American icon, in China–turned into a crises because while Iger was touring dignitaries in China, he got a report from his security team that Disney was the primary target for the Pulse nightclub murders (the murderer had been at Disney property but left because of additional security there). A few days later, while with the Vice Premier of China in front of hundreds of reporters for more ceremonies for Disneyland Shanghai, an alligator attacked a 2-year old boy, Lane Graves, at Disney World. Iger knew that he could not show horror. As the CEO of Disney, he had to compartmentalize his internal emotions and sorrow from hearing the tragic news compared to his external presentation when it comes to crises. He called the parents, Matt and Melissa Graves, and told them as a grandparent of four kids at the time and parent of four, he couldn’t fathom what they’re going thru. Disney would take decisive action later by studying the incident to make sure no one else would be the victim of such a horrible tragedy.
Not all that fearful, more resilient, wasn’t born with the fear gene. Iger credits this in part due to his dad having manic depression.
On his morning routine, Iger wakes up at 4:15 am everyday and works-out at home before he goes to work. On his way to the office, he makes coffee for his wife.
Regarding the importance of forming relationships, Iger was able to buy Pixar, Lucasfilms, Marvel Entertainment, and the entertainment/media assets of 21st century Fox by first developing a strong trust and bond with their key leaders, such as Steve Jobs, George Lucas, and Rupert Murdoch.
Learning from Rune Arlidge who used to run ABC Sports: Iger remembers Arlidge’s saying, “innovate or die”. Disney, and all companies, according to Iger, cannot get in the way of technological innovation or try to fight it.
On Black Panther: Iger believed in the power of diversity and the power of going against the grain. He comments how people said a black superhero wouldn't succeed or that people in all parts of the world wouldn’t look at a movie with a black cast. To Iger, one of his happiest days at Disney was being able to share Black Panther with the world, prove the doubters wrong, and show that diversity can succeed everywhere.
Contributor: Founder, Financeowlogy.