Hollywood was reportedly shocked by how Disney handled Bob Iger's return and Bob Chapek's exit as CEO of the Mouse House.
An unnamed Disney-connected source -- who is not a Chapek fan -- told The Hollywood Reporter that it was "fucking insane" how the company handled the transfer of power. "He didn’t get to say goodbye or say, 'I’ve decided to step down,''" the person remarked. THR then pointed out that Chapek had also unceremoniously dismissed an executive at Disney -- chairman of entertainment and programming, Peter Rice. "I bet you it broke Chapek’s record of firing Rice in seven minutes," the source said. "They called [Chapek] and said, 'You’re out. Our lawyers will call your lawyers.' No statement from him, no comment from him, no grace. It’s fucking insane."
Chapek officially stepped down as Disney CEO on Nov. 20, marking the end of a short, but turbulent reign. He was initially named Iger's successor in February 2020, with Iger overseeing the transition of power as executive chairman until the end of 2021. During his brief time as CEO, Chapek drew the ire of both fans and shareholders for his controversial decisions that ranged from increasing the price of Disney+ to his initial response to Florida's "Don't Say Gay" bill. Disney board members and creatives had reportedly been unhappy with Chapek's leadership for some time and had been looking at replacing him as far back as this past June.
Bob Iger Is Back
Iger is now back in the position he previously held for 15 years. "I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO," Iger said in a statement announcing his return. "Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe -- most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling." Following his triumphant return as CEO, Disney stock prices spiked by 6.30%, closing at $97.58 per share.
Iger was serving as president and chief operating officer of ABC when Disney acquired the company in 1995. He remained chairman of ABC until 1999, at which point he was named president of Walt Disney International. Iger was then quickly promoted to president and chief operating officer of The Walt Disney Company itself in 2000, a position he held for five years until he was chosen to replace Michael Eisner as CEO in 2005. During his initial, 15-year tenure as CEO of Disney, Iger oversaw a number of major events for the company, such as its acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and the launch of its Disney+ streaming service. His second tenure as CEO, which began on Nov. 20, is currently contracted to end on Dec. 31, 2024.
Source: The Hollywood Reporter