It’s been less than a week since Susan Arnold — the Chairman of Disney’s Board of Directors — announced that Bob Chapek was no longer Chief Executive Officer and former CEO Bob Iger would be returning to immediately take Chapek’s place. The news shocked almost everyone — including Bob Chapek — as Disney had just extended Chapek’s contract in September. What may be even more shocking are the reports that the person who took the lead on getting Chapek out was Disney CFO Christine McCarthy.
According to reports, McCarthy — who has been with Disney for more than 20 years — went to the Disney Board to voice her concern. McCarthy is quoted as saying that Chapek “irrevocably lost the room” when he appeared to refuse to acknowledge that Disney was going downhill. In the past year, Disney’s stock has dropped more than 40% and, when surveyed, many Guests said they felt that Disney had “lost its magic”.
While it may seem strange that the CFO of a company would be the primary force behind the ouster of the Disney CEO, it may not be as surprising as we think. New reports are indicating that Chapek was aware of how poorly the company was doing, but instead of acknowledging it, he was planning to throw McCarthy under the bus.
TLDR; Disney CFO Christine McCarthy not only led the charge to get Chapek fired, but did so because he was going to blame her for the poor Q4 financial results that Disney reported a few weeks ago. He previously did the same thing to Catherine Powell (now exec at Airbnb) in 2019.
TLDR; Disney CFO Christine McCarthy not only led the charge to get Chapek fired, but did so because he was going to blame her for the poor Q4 financial results that Disney reported a few weeks ago. He previously did the same thing to Catherine Powell (now exec at Airbnb) in 2019. https://t.co/u8yWh211ED
— jordie poblete (@jordiepoblete) November 21, 2022
For those who may not remember or have not heard of Catherine Powell, she was formerly the President of the western region of Disney Parks — in charge of Walt Disney World Resort, Disneyland Resort, and Disneyland Paris. However, Bob Chapek — who was the Chairman of Disney Parks, Experiences, and Products at the time — eliminated her position and had the Presidents of all Resorts report directly to him.
Since his return, Iger has spent time letting Disney Cast Members know that he is there to turn things around. Iger also announced that he will be hosting a Town Hall-style meeting on Monday, November 28. Bob Chapek, on the other hand, has remained silent, not releasing any type of statement.