🔒 Boardroom Talk: Disney board finally loses patience with streaming losses, recalls 71yo former CEO

I really enjoyed Bob Iger’s autobiography The Ride of a Lifetime, given to me by a good friend who’d devoured it on an overnight flight. The man who led Disney for 15 years shares some good tips. He also comes across as warm and human – the seemingly ideal combination for someone running Walt’s creation. But perhaps not for Iger’s new role.  
 
In a surprising reversal, Disney’s board of directors has fired Iger’s handpicked successor, Bob Chapek. Ironically, Chapek had been under siege from his former boss since taking over 33 months ago. Iger even called him “my biggest mistake.” Disney’s board hadn’t seemed to pay much notice to Iger, even renewing Chapek’s contract a few months ago.
 
Their support for Chapek, however, ended in spectacular style after the share price dropped sharply this month on evidence that his huge video streaming bet has gone horribly wrong. Losses at Disney Plus doubled to $1.5bn in the September quarter, dropping Disney group profit a staggering 91% and sending its shares down to levels last seen six years ago.
 
So, 71-year-old Iger is now back in Disney’s corner office for at least the next two years, with a directive to overhaul the streaming business. Interestingly, Chapek’s fall from grace is also a major blow to American Progressives. The Disney boss became Woke’s Executive posterboy inter alia after picking a very public Culture War fight with Florida Governor Don de Santis. Not smart. Or as Helen Zille told us in her latest book – ‘Go Woke Go Broke’.

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