At the time of this article’s publication, it’s been nearly an entire year since Bob Chapek was fired and removed from his position as CEO of the Walt Disney Company.
CEO Bob Iger has returned, and fans are mostly happy once again…emphasis on the ‘mostly.’
Although Bob Iger’s return was widely celebrated, some of his recent actions have caused a few stirs here and there, such as his comments regarding the ongoing Writers’ and Actors’ Guild strikes and his recent decisions regarding Disney Plus (stylistically Disney+).
Still, any disappointment fans may feel toward the current CEO of the Walt Disney Company doesn’t even compare to the former CEO’s reputation.
Any Distaste Fans Feel For CEO Bob Iger Is NOTHING Compared to How They Felt For Bob Chapek…
READ MORE: BOB CHAPEK FIRED! Bob Iger to Return as CEO!
Despite his brief stint as a Disney CEO lasting a meager two years, Bob Chapek managed to offend anyone and everyone, seemingly making the wrong decision at every turn. One decision, in particular, was so twisted that it’s come back to haunt the company in the worst way, and at the worst possible time…
Currently, the Walt Disney Company is entangled in a messy, ongoing legal battle with Governor Ron DeSantis. Not to mention, Disney’s stock is currently at the lowest it’s been in almost ten years. Under these unfavorable circumstances, Disney finds itself in even more legal hot water: Disney investors are currently suing the Walt Disney Company.
Bob Chapek’s Decisions Are Haunting Disney at the Worst Possible Time
READ MORE: Disney Still Owes Ex-CEO Bob Chapek Millions
According to the latest reports, this lawsuit claims that the Walt Disney Company purposefully misled investors regarding the success of its streaming platform, Disney Plus (stylistically Disney+).
Investors are claiming that the decisions made under former CEO Bob Chapek, Kareem Daniel, and former CFO Christine McCarthy purposefully concealed Disney Plus expenses and its struggles to maintain steady subscriber growth.
Specifically, specific Disney Plus originals (such as The Mysterious Benedict Society and Doogie Kameāloha, M.D.) debuted on the Disney Channel in an attempt to make Disney Plus look more successful than it actually is.
The Complaint Continues…
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Not only that, but as Bob Chapek took office, Disney theme parks closed due to the pandemic. As a result, Chapek turned to streaming, which is an understandable move considering everyone was turning to streaming for entertainment at the time.
However, Disney investors claim that Bob Chapek’s methods for focusing on Disney Plus were inappropriate, as the former CEO reorganized the Walt Disney Company’s entertainment operations.
In short, Chapek took the Disney Media and Entertainment Distribution divisions and made them “responsible for the monetization of all content globally,” according to one report.
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Disney investors continue, writing that this decision created the following:
…dramatic departure from Disney’s historical reporting structure and was hugely controversial within the Company because it took power away from creative content-focused executives and centralized it in a new reporting group…With this new structure, Chapek removed budgetary and distribution control from the heads of Disney’s content groups (much to their dismay) and placed control in the hands of [Disney Media and Entertainment Distribution]’s new Chairman, defendant [Kareem Daniel], who reported directly to his long-time mentor Chapek…
At this time, the Walt Disney Company and current Disney CEO Bob Iger, have yet to comment on the situation. Stay tuned to Disney Dining for the latest updates regarding this newest lawsuit.
