Is this really the best timing for Iger to renovate his $33M mansion?

Amid company-wide layoffs and restructuring, is this really the best timing for a massive renovation?

Iger Comes Back as CEO

Back in November, Disney announced that Bob Iger would immediately step in as CEO for The Walt Disney Company. For those of you who do not not the history, Iger served as CEO from 2005 to 2020 when Bob Chapek became the next CEO.

Iger is loved and adored by many Disney fans. He was responsible for Disney’s acquisitions of Pixar, Marvel, and Lucasfilm. Things were going great until February 2020 when Iger announced he was stepping down.

However, the transition did not go smoothly. In fact, things were supposed to play out much different. Iger’s contract was not up until 2021, but he stepped down in early 2020 in order to mentor Chapek.

Now that he is back, the plan is for him to serve 2 years as CEO while looking for a successor to take his place. Many changes have taken place in the time he has been CEO (again). One of those is layoffs.

Layoffs Upon Layoffs

Before his departure, Bob Chapek announced a hiring freeze for the company. He stated, “Hiring for the small subset of the most critical, business-driving positions will continue, but all other positions are on hold.”

During the First Quarter Earnings Call in April, Bob Iger shared that the Walt Disney Company will look to streamline the company. During this call, Iger announced that the Walt Disney Company will be cutting $5.5 billion in costs.

In order to meet this need to cut costs, huge job reductions were necessary. Bob Iger announced a workforce reduction of 7,000 jobs. He re-emphasized that the massive layoffs are part of the “strategic realignment of the company, including cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business.”

Many affected in the first round included executives, while the second round affected most those in the entertainment division. We have shared many shufflings of positions including CFO Christine McCarthy.

Just yesterday, ESPN (owned by Disney) laid off some of its biggest stars – including 20 on-air personalities.

Renovation on $33M mansion

Iger has a sprawling Los Angeles mansion worth $33M, and according to the New York Post he is in the process of completing a massive renovation. According to the outlet, about $7M in changes has already been made with more on the way.

He and his wife purchased the home in 1995 for $19.5M. In the years since then, he has invested a lot of time – and money – updating and expanding the property.

Renovations reportedly include re-plastering the swimming pool and adding a spa, tearing down an old stable and building a newer (and bigger) one, adding a one-story attached living quarter and a two-story media room, and installing a new set of stairs as well as gates.

Not only that, but the New York Times also reports the mansion received a detached covered patio, large terrace, and expansions of both the first and second floors.

According to Forbes, Iger is worth about $700M so he can certainly afford these renovations. However, we wonder if the timing is really the best with all the layoffs mentioned above.

What do you think? Not the public’s business or bad public image? Let us know in the comments below and share this post with a friend.