A jaw-dropping move by the Walt Disney Company as they fired the company’s CEO Bob Chapek on Nov 20, who took the reins only 11 months ago.
The new CEO is Robert A. Iger (Bob Iger), 71, who served as the Disney CEO for over 15 years before he handed over to Chapek, 62.
This event has rumored the news of an upcoming layoff at Disney. While the company is taking cost-cutting measures, there is no concrete news on the layoff currently.
The truth of the CEO’s unscheduled and immediate exit is rather internal politics and controversies.
Chapek’s controversy on LGBTQ+ discussions reportedly plummeted Disney’s share prices. Moreover, the board recognized that Chapek had done irreparable damage to his ability to lead with a string of missteps. It resulted in the lost confidence of Wall Street and most senior Disney executives, as well as many rank-and-file employees.
At the request of Disney’s Board of Directors, Iger returned to Disney as CEO, agreeing to a two-year contract. He previously served as Disney’s chief executive from 2005 to 2020, a run widely seen as one of the most successful in Hollywood history.
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Featured Image Credits – Photo by The Walt Disney Company
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