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Iger Regrets Chapek's Rapid Disney Overhaul
24 Jun
Summary
- Bob Iger felt successor Bob Chapek made too many changes too quickly.
- Iger denied maneuvering against Chapek during his tenure.
- Disney considered acquiring Twitter and merging with Apple.
Bob Iger, former CEO of Disney, has spoken out about the rapid changes implemented by his successor, Bob Chapek, after Chapek took the helm in 2020. Iger stated there was no urgent need for such drastic measures, which he believes introduced unnecessary bureaucracy. This period ultimately led to Chapek's dismissal in November 2022 and Iger's return as CEO. Iger has since passed the CEO role to Josh D'Amaro in February 2024, formally exiting the company again.
During his interviews, Iger refuted claims that he actively worked against Chapek while no longer with the company. He expressed that his successor's approach was misguided, particularly given Disney's stable state at the end of 2019. Iger envisioned a different succession model, where he would remain as an executive chairman focused on creativity, a plan that did not materialize. The current CEO, Josh D'Amaro, acknowledged the extreme difficulty of the period under Chapek, citing the company's existential challenges during the COVID-19 pandemic.
Iger also shared insights into Disney's past strategic considerations, including discussions about acquiring the James Bond franchise and Twitter. Talks were held with Apple about a potential merger, though Apple reportedly showed no interest. Additionally, Iger touched upon the challenging proxy battle with activist investor Nelson Peltz, which shareholders ultimately rejected. Despite the past turmoil, Iger returned to Disney in 2023 at his wife's urging to guide the company through its difficulties.
