Former Disney CEO Bob Chapek was reportedly ousted and replaced following actions by the company's Chief Financial Officer, Christine McCarthy, and other executives.
In June, the board renewed Chapek's contract through 2024 in a unanimous vote, but at the end of September The Wall Street Journal's report said that McCarthy told directors that Disney would likely "miss analyst expectations for revenue and profit in the coming quarter" and Chapek purportedly complained to colleagues that McCarthy had given numbers that weren't previously discussed," leaving her out of an October board meeting.
"The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period," board Chair Susan Arnold said in a statement. "We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," she said."It is with an incredible sense of gratitude and humility – and, I must admit, a bit of amazement – that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer," Iger wrote in an email to employees.
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," the reinstated CEO said in a statement release by the company. "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.
FOX Business' request for comment from Disney was not immediately returned as of the time of publication.Markets
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