Disney has ousted CEO Bob Chapek after a rocky 12 months within the position and reinstated his popular predecessor Bob Iger in a surprise reversal announced late Sunday.
The corporate said Chapek stepped down from his position and that Iger, who retired from Disney at the top of 2021, will function CEO for 2 years in an announcement Sunday night.
“We thank Bob Chapek for his service to Disney over his long profession, including navigating the corporate through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board.
Disney and Bob Chapek parted ways after an announcement was made by the corporate Sunday.REUTERS
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to guide the Company through this pivotal period,” she added.
Though the corporate’s board said he resigned, sources said Chapek was likely blindsided by his reported ouster. As of late last week, he was unsure what would occur inside Disney’s top leadership, they said.
The switch-up follows the revelation of Disney’s dismal fourth-quarter earnings, which Chapek was accused of downplaying and being downright “delusional” about.
CNBC’s Jim Cramer called for Chapek’s firing over the financial losses.
He slammed the CEO for his “delusional” characterization of the quarter, during which the streaming service Disney+ took a $1.5 billion loss, causing the media giant to miss Wall Street’s projections.
Chapek was hand-selected by Iger to be his successor after he stepped down as Disney CEO in early 2020 before the pandemic hit.
Nevertheless their relationship reportedly soured and by the summer, Iger considered choosing Chapek to run the corporate after his departure to be one in every of his “worst business decisions,” a former Disney executive told Insider.
“He greatly regretted it as soon as COVID hit,” the manager told the outlet.
The pair disagreed on several key elements of how the business needs to be run — including its internal structure, its response to the pandemic, and its handling of political matters.
Bob Iger was chairman and CEO of The Walt Disney Company for 15 years, holding the reigns from 2005 to 2020.
REUTERS
Iger served as Disney’s CEO for 15 years, during which the media giant acquired Pixar, Marvel, Lucasfilm and twenty first Century Fox.
He said he was honored to be asked to return to his old gig.
“I’m extremely optimistic for the longer term of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in an announcement. “I’m deeply honored to be asked to again lead this remarkable team, with a transparent mission focused on creative excellence to encourage generations through unrivaled, daring storytelling.”
