By now, you’ve heard the news. Bob Chapek has been ousted as CEO of the Walt Disney Company and is being replaced by former CEO Bob Iger. While many were left wondering if it was true, Disney wasted no time in shouting it from the proverbial rooftops.
You know the old saying “Bad news travels fast”? In this case, good news does too. In the late evening hours on a Sunday, Disney’s website reflects the change, showing Bob Iger as CEO. Word of Chapek’s ousting occurred around 10:00 pm EST. By 10:45 pm EST, the Walt Disney Company leadership page has Iger listed in the top spot where Chapek’s name and photo appeared just hours earlier.
The announcement sent shockwaves within the Disney community as many had lost faith that the sinking ship could be righted. Some refused to believe it. The news of the announcement came from sources outside of The Walt Disney Company initially, which bred skepticism. That all changed once the company’s website reflected the change.
Disney Executives reportedly became concerned with Chapek’s leadership after the 4th Quarter Earnings call on November 8, 2022. Many in key leadership positions felt that his comments were “inappropriately sunny” given the company’s serious losses during the quarter. The writing wason the wall for Chapek, however, once CNBC host Jim Cramer publicly called for Chapek’s firing.
Iger, who previously said he would never return to Disney, accepted the position after being in talks since this past Thursday (November 17, 2022). It is unknown at this time whether the Sunday night announcement was planned or if Disney rolled with it once it was prematurely leaked. Either way, once the cat was out of the bag Disney hurriedly made it official with statements and an update on their website (which we can only imagine is the Corporation equivalent of “pics or it didn’t happen”).