Bob Chapek has officially stepped out of the chair as CEO, giving room for Bob Iger to come back to a position he held for the last fifteen years till 2020, when Chapek took over. This news was a sudden blast for Disney fans as the news became an overnight turn of events, changing what the future of the company could hold.
Bob Chapek’s exit has been game-changing for the entire course of what Disney was going through, with the series of losses and backlash that the company has been facing. Ever since he took over as the CEO, fans have not been eager to see what he had to bring to the plate of the audience, having his ideas not being as well received as you would have liked.
Multiple Losses Led Bob Chapek To Be Fired As CEO Of Disney
The decision to keep Bob Chapek in his post had divided Disney’s board of executives “over the past many months.” But the ultimate choice to oust Chapek was reportedly made just a week ago. Due to the sudden nature of the change, the investigation found that “even at the highest echelons,” very few people were aware that Iger had replaced Chapek.
His poor performance on the company’s most recent quarterly results call earlier in November 2022 was the determining cause for Disney to fire Chapek. During the call, Chapek mentioned the need for cost-cutting measures but only provided an outline of what these plans would be later that week. The former CEO put forth ideas like a hiring freeze and layoffs.
Chapek even led to a $1.5 billion loss due to Disneyland’s Oogie Boogie Bash. This decision to change the CEO to Bob Iger was such a spontaneous decision that not even the highest of designated employees weren’t aware of this exchange of positions.
Bob Chapek’s Reign As The CEO Ended As Soon As It Began
Bob Chapek became the CEO of Disney fractions before COVID hit the world unexpectedly, creating what was going to be an extremely rocky road for him. Scarlett Johansson sued Disney shortly after, bringing to light the facts that the company wanted to hide for a long.
This could also be taken into account with the loss that the Marvel Cinematic Universe’s Phase 4 brought, being underwhelming according to the fans and not being as financially profitable as Disney might have expected in the beginning.
What seemed to be the case was that even before fans learned of Chapek being in this mess, he was well on his way to saying farewell to his position due to multiple other reasons. However, what can be said is that Bob Iger is said to be the saving grace for Disney, waiting to bring it back to its glory.
Source: The Hollywood Reporter