How Bob Chapek was ousted from Disney by CFO who plotted behind his back

Returning Disney CEO Bob Iger complained his successor Bob Chapek was ‘incompetent’ before plotting with the CFO to oust him, reports say.

Even though Iger, 71, finally stepped down in 2020 following 15 years of growth at the House of Mouse, sources familiar with the transition told the Wall Street Journal he never really let go of the reins.

Iger would allegedly hold meetings with executives without Chapek, 63, and often complain about his successor’s leadership and refusal to lean on him, saying the new CEO was doing a ‘terrible job.’

Among one of Iger’s closest confidants was CFO Christine McCarthy, who slammed Chapek’s leadership as ”devastating,’ and made a call on November 16 asking the former CEO to take the reins again.

Two days later, Disney’s board would offer Iger the job and then sack Chapek, who was marred by dropping stock prices and a battle with Florida lawmakers over its special tax district status.

Revelations into the insight of Chapek’s final days comes as Disney warns staff that job cuts are imminent with its stock down more than 42 percent in the last year. 

Returning Disney CEO Bob Iger (left) was reportedly frustrated with his successor, Bob Chapek’s (right), leadership, callling him ‘incompetent’ 

Iger also grew angry at Chapek for not looking to him for advice, while Chapek accused his mentor of being unwilling to let go of the reins at the company and holding meetings without him. The duo are pictured during Disney World’s 50th anniversary celebration in 2021

One of Iger’s closest confidants, CFO Christine McCarthy (above), was at odds with Chapek, sources say, and made a call on November 16 for Iger to return 

According to current and former executives at Disney, Iger continued to act as a ‘shadow CEO’ at the company after retiring but taking a job as an executive chairman. 

Iger allegedly continued to work in his office at Disney’s headquarters in Burbank, California, and conducted business with top executives without inviting Chapek. 

The meetings were to let Chapek know, ‘They work for me, not for you,’ the sources said. 

Chapek, on the other hand, wanted to find his own footing in the company and often strayed from Iger’s advice. 

When the pandemic hit, Iger had recommended the company delay staff cuts until Congress approved relief aid.

Chapek, however, pushed for the cuts to preserve cash, but the board sided with Iger, who maintained much of his power to help guide Disney through the pandemic. 

Sources said Chapek was ‘livid’ and would privately complain to his deputies that he ‘wasn’t fully in control.’ 

After Iger touted his work during the pandemic during a New York Times interview, the sources said that any chances of Chapek personally turning to his mentor for advice ‘went from unlikely to out of the question.’

The two men also clashed over the rollout of Disney’s streaming service, where Iger had projected the company would get 60 to 90 million users within its first five years. 

Chapek, noting the rise of streaming during the pandemic, raised the projections in December 2020 to 260 million subscribers, with Iger saying it ‘wasn’t smart to offer such an ambitious goal.’ 

Although Disney saw early success, its latest quarterly report shows the streaming service has since lost $1.5 billion. 

Since Chapek took over, the company has lost a full one-third of its value.  

Disney’s stock has plummeted by more than 42 percent in the last year

Bob Iger, who led Disney through a 15-year era of explosive growth, has returned to the helm as his successor is marred in controversy and poor profit reports

McCarthy was among the leading executives who often chastised Chapek’s failings, catching him off guard during a meeting where she laid out Disney’s dropping revenue, sources told the WSJ. 

They noted the Chapek was…