The Walt Disney Company has undergone a big shakeup, as current CEO Bob Chapek is stepping down, effective immediately, with longtime former CEO Bob Iger returning to be CEO again.
According to The New York Times, Chapek was determined to have done “irreparable damage to his ability to lead, with a string of missteps resulting in the lost confidence of Wall Street and most senior Disney executives, as well as many rank-and-file employees.”
In June 2022, Walt Disney’s Board of Directors unanimously voted to extend Chapek’s contract until 2025, signaling it had confidence in Chapek and his management team to lead Disney into the future. At the time, Disney’s board said, “Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in…