Former Disney CEO Bob Chapek has reportedly been fired after the company’s chief financial officer deemed him “incompetent.”
A new report from The Wall Street Journal says the leader has lost support after boardroom clashes with Chief Financial Officer Christine McCarthy, a fight with Florida Gov. Ron DeSantis and billions of dollars in losses at Disney’s streaming division. , both the managers and the board of the company.
According to the publication, former Disney chairman and CEO Bob Iger had “undermined his successor” and it was “well established” that he was “dissatisfied with Chapek,” the report said, adding that he had told confidants that Chapek “does terrible.” job and that he was incompetent.”
While Iger left Disney last year after more than a decade there, the newspaper said a Nov. 16 phone call from McCarthy, who was “tired of Mr. Chapek’s pitch and leadership,” was instrumental in bringing Iger back on board.
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Two days later, according to The Wall Street Journal, board chairman Susan Arnold offered him the job.
“This account of how Mr. Iger succeeded his successor is based on current and former Disney executives and people close to the company who are familiar with the events, actions and conversations leading up to Mr. Chapek’s ouster. said:
A report from The New York Times detailed the phone call from Arnold to Iger, citing three people with knowledge of the matter, and the Financial Times said in November that McCarthy had gone to the board to complain about Chapek’s management.
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In June, the board voted unanimously to extend Chapek’s contract through 2024, but a report in The Wall Street Journal in late September said McCarthy told directors that Disney would likely “miss analysts’ expectations for revenue and profit in the coming quarter,” and Chapek. allegedly complained to colleagues that McCarthy had given numbers that had not been discussed before,” leaving him out of the October board meeting.
On November 11, he signed a memorandum on the freezing of new hires.
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After two years on the job, during one of the most difficult periods in the company’s history, the report said Chapek quit on Nov. 20, and Iger, who had tapped Chapek as his successor, returned.
“The board has come to the conclusion that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal time,” board chairwoman Susan Arnold said in a statement.
“We thank Bob Chapek for his long career of service to Disney, including navigating the company through the unprecedented challenges of the pandemic,” he said.
“It is with incredible gratitude and humility, and, I must admit, a little surprise, that I am writing to you tonight with the news that I am returning to The Walt Disney Company as Chief Executive Officer,” Iger wrote. in a letter to employees.
He will earn a base salary of $1 million returning for two years.
“Disney and its unparalleled brands and franchises hold a special place in the hearts of many people around the world, especially in the hearts of our employees, whose commitment to this company and its mission is inspiring,” said the reinstated CEO. the company’s message. “I am honored to be asked to once again lead this remarkable team with a clear mission focused on creative excellence to inspire generations through unparalleled, bold storytelling.”
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Iger announced that the company will begin implementing organizational and operational changes.
“My intention is to rebuild things in a way that respects and honors creativity as our heart and soul,” he later told employees.
FOX Business’ request for comment from Disney was not immediately returned as of press time.
FOX Business’ Eric Revell, Peter Aitken and The Associated Press contributed to this report.