A report said that former Disney chairman Bob Chapek was ousted after the chief financial officer worked behind his back
Reportedly, former Disney CEO Bob Chapek was ousted following the actions of the company’s chief financial officer, who he thought was “incompetent”.
In a new report, The Wall Street Journal said that after a boardroom clash with CFO Christine McCarthy, a fight with Florida Gov. Ron DeSantis and a billion-dollar loss in Disney’s broadcasting division, the leader has lost the support of fans, executives and the company’s board alike.
According to the post, former Disney Chairman and CEO Bob Iger “undermined his successor,” and it is “well established” that he is “unhappy with Chapek,” the report says, adding that he told confidants that Chapek was “doing a terrible job.” . his job and he is incompetent.”
While Iger left Disney last year after more than a decade there, the paper said a November 16 phone call from McCarthy, who was “tired of Mr. Chapek’s performance and his drive,” proved instrumental in putting Iger back on top.
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Two days later, according to the Wall Street Journal, chairman Susan Arnold offered him the job.
“This account of how Mr. Iger succeeded his successor is based on first-hand accounts of current and former Disney executives, as well as people close to the company familiar with the events, actions, and conversations that led to Mr. Chapek’s removal,” he said.
The New York Times reported details of the phone call from Arnold to Iger, citing three people familiar with the matter, and the Financial Times said in November that McCarthy had contacted the board to complain about Entanglement’s leadership.
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In June, the board renewed Chapek’s contract through 2024 in a unanimous vote, but at the end of September a Wall Street Journal report said McCarthy had told directors that Disney would likely “miss analysts’ forecasts for revenue and earnings in the next quarter” and Chapek alleges that McCarthy had complained to colleagues that McCarthy had given numbers that had not been discussed before,” leaving them out of the October board meeting.
On November 11, he issued a memorandum freezing new hires.
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After two years on the job, during one of the most challenging periods in the company’s history, Chapek exited on November 20, the report said, and Iger — who chose Chapek as his successor — came back in again.
“The Board of Directors concluded that while Disney is embarking on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal period,” said Susan Arnold, chair of the board, in a statement.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” she said.
“It is with an incredible sense of gratitude and humility — and I must confess a little surprise — that I am writing to you this evening with the news that I am returning to The Walt Disney Company as CEO,” Iger wrote. In an email to employees.
He will receive a base salary of $1 million, and return for two years.
The reappointed CEO said in a statement from the company. “I am deeply honored to be asked to once again lead this incredible team, with a clear mission focused on creative excellence to inspire generations through unparalleled, bold storytelling.”
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Egger noted that the company will begin implementing organizational and operational changes.
“It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are,” he later told the staff.
FOX Business had not immediately returned a request for comment from Disney as of press time.
FOX Business’s Eric Revell, Peter Aitken and The Associated Press contributed to this report.
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