Several news reports say the one of the most highly regarded CEOs of this century has voiced disappointment in his successor, and has not kept this confidential. Roberg Iger, longtime head of The Walt Disney Company, believes the man who took his job has deeply damaged it.
Bob Chapek has been Disney’s CEO for just over two years. Much of the wreckage he has caused was recently. That in turn has driven Disney’s stock down 40% in 2022. That is the worst performance of all the 30 stocks in the Dow Jones index.
Iger assembled one of the great entertainment organizations in the world. To the Disney brand he added Pixax, Star Wars, and Marvel. Most years over the last decade, Disney’s annual studio revenue topped all of its rivals. Disney also launched one of the most successful streaming services in the world. After explosive growth, its subscriber additions have slowed.
Who could replace Chapek? Iger would be the logical candidate, but he may have no interest in leading a multiple year repair of the company. Iger is already worth hundreds of millions of dollars. He can spend his time as he pleases.
The only member of the Disney board of directors with experience that would make him a candidate is former Nike CEO Mark Parker. He spent years in management at a huge consumer facing company with marketing that revolved around world-recognized talent.
Of course, as many companies with management problems do, Disney could go outside its own doors. This would increase the pool of possible CEOs by a handful.
Hopefully, Disney’s board will have Chapek out this year. The company’s troubles are not over.
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