Disney CEO Bob Iger (above) said he has “worked extremely well” with Bob Chapek, but then backtracked on the praise.
By James B. Stewart and Brooks Burns
At 5 p.m. on February 25, 2020, Bob Chapek and Bob Iger sat in the same director’s chair on the Disney Studios lot for a series of live media interviews. The company had just shocked just about everyone by announcing that the little-known Chapek would replace the wildly popular Iger as CEO.
In an interview with CNBC’s Julia Boorstin, Mr. Chapek heaped praise on his predecessor. “Obviously, I have a big role to play,” he said, eyes wide, as he praised Mr. Iger’s “magic” in running Disney. Mr. Iger’s 15-year tenure as CEO was so successful that he considered running for president as a Democrat. Queen Elizabeth knighted him shortly before her death.
Mr. Iger said that he and Mr. Chapek had worked together “very well,” then qualified the praise the next moment, saying, “In fact, our senior management team has worked together very well.”Mr. Chapek listened in vain, hoping for something more emotional, something more personal.
As the questions and attention shifted fully to Mr. Capek, Mr. Iger’s normally calm demeanor stiffened. He looked away from Mr. Capek and down, his face looking uncomfortable. He crossed his arms.
Chapek was well aware of Iger’s body language and facial expressions. “This isn’t good,” he thought.
In that respect, Mr. Iger was right. But he didn’t realize that he and Mr. Iger were embarking on an epic corporate power struggle with few rivals in the history of business.
When Iger stepped down as CEO — just weeks before the coronavirus pandemic plunged Disney into its worst crisis in history — the company’s board agreed to let him stay on as “creative director” and chairman of the board for another two years.
The deal nearly fell apart over whether Chapek would report to Iger or to the board. A last-minute compromise was reached, without a board vote, under which Chapek would report to both — a move that Chapek quickly came to realize was a source of conflict.
Just a few weeks into his tenure as CEO, Mr. Chapek made his frustration known: “I can’t take another two years of this,” Mr. Chapek told his chief of staff, Arthur Bochner. Mr. Iger said, “I’m not going to quit. I’m going to be here until I die.”
Bochner had worried that Chapek would resign. Chapek ended up not even having that option: The board fired him just before Thanksgiving 2022. As he had feared, he was replaced by Iger. By speaking to dozens of people directly involved, The New York Times has pieced together what happened inside Disney during those fateful months.
These issues now take on new importance as Disney launches a renewed search for a successor to Iger, whose contract expires on Dec. 31, 2026.
©2024 The New York Times News Service
First Published: September 8, 2024 | 11:53 PM IST