It’s been a crazy few days for not only Disney employees, but also Disney fans. Late Sunday night, it was announced that Disney’s Board of Directors had fired CEO Bob Chapek, and he would immediately be replaced by former Disney CEO Bob Iger. The shocking firing was the end of a tumultuous three years for Chapek. The embattled CEO was never able to find his footing with Disney fans, who frequently called for his firing and criticized him for constantly raising prices while taking away traditional offerings.
While Bob Iger released a statement immediately after Chapek’s firing was announced, Chapek has remained quiet. Reports are indicating that Chapek was “blindsided” by his termination — even though the company’s most recent earnings call was mediocre and Disney’s stock tanked even more.
It has been a few days since the firing, and we are now learning that Disney’s Board didn’t give a specific reason for Mr. Chapek’s firing. Theme Park reporter Scott Gustin shared that, in a new filing, Disney’s Board revealed that they chose to exercise the clause in Chapek’s contract that allowed him to be fired “without cause”.
NEW: In a new filing, Disney says it “exercised its right to terminate without cause” the employment of Bob Chapek. “Mr. Chapek will receive the separation benefits payable in accordance with the terms of his previously disclosed employment agreement.”
NEW: In a new filing, Disney says it "exercised its right to terminate without cause" the employment of Bob Chapek.
"Mr. Chapek will receive the separation benefits payable in accordance with the terms of his previously disclosed employment agreement."
— Scott Gustin (@ScottGustin) November 21, 2022
The regulatory filings also reveal that Chapek could walk away from The House of Mouse with more than $20 million, and could even make more in the future if Disney’s stock recovers. Confidence in the return of Bob Iger has already increased Disney’s stock value — which is now sitting around $95 per share. Prior to Chapek’s exit, Disney stock had dropped 40% in the last year and would fluctuate in and out of the high $80s and low $90s per share.
After the announcement was made about Iger’s return, the internet was abuzz with excitement. Many in Hollywood were excited to see Iger back — including Frozen star Josh Gad and a former Disney Imagineer who quit during Chapek’s tenure. At this time, Iger is only planning on staying through December 31, 2024, then a new Chief Executive Officer will take over.