Inside Disney’s Bombshell Move to Fire Bob Chapek and Restore Bob Iger as CEO | Analysis

WAXWORD

”The tone changed,“ an insider said about what prompted the board’s emergency meeting and decision to bring back Iger

The bombshell news on Sunday that Bob Iger was returning to the Walt Disney Company as CEO and that his hand-picked successor Bob Chapek was out the door – immediately – followed a series of blunders but came down to a big miss on quarterly earnings reported earlier this month, according to multiple individuals with knowledge of the situation. 

Disney, a former blue-chip stalwart, has seen its stock price plummet 41% since January. And Wall Street had been expecting post-COVID streaming growth, theme park profit and projections for a better year to come during earnings on November 8. Instead, profits rose just 30 cents a share on revenue of $20.15 billion, rather than the expected 54 cents per share on revenues of $21.2 billion.

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Sharon Waxman

Sharon Waxman, is the founder, CEO and Editor in Chief of TheWrap. She is an award-winning journalist and best-selling author, and was a Hollywood correspondent for The New York Times. Twitter: @sharonwaxman

Drew Taylor

Drew Taylor is a reporter at TheWrap. Before joining the organization in 2021, Drew was a freelance film journalist with a keen interest in animation and Disney history. Drew has been covering film, television and theme parks for 15 years. He has written for the New York Times, the New York Daily News, Time Out New York, Collider, The Playlist, Polygon, Vulture, Box Office Magazine, AOL Travel and Syfy. He was the executive editor and social media manager for Moviefone before it was purchased by MoviePass. Additionally, Drew co-created and co-hosts “Light the Fuse,” a weekly podcast dedicated to the “Mission: Impossible” film franchise that recently celebrated its 200th episode milestone. He also authored the book “The Art of Onward,” about the making of Pixar’s 2020 fantasy film, and provided liner notes for several Mondo vinyl releases for Pixar features (“Up,” “Coco” and “Lightyear”).