Disney board reached out to Iger on Friday following concerns over earnings


Here’s another Iger update from CNBC-

KEY POINTS
Disney’s board reached out to Bob Iger on Friday,
CNBC’s David Faber reported Monday.

The board had concerns following the company’s most recent earnings report.

Chapek was notified of the decision Sunday night.

Disney’s board reached out to Bob Iger on Friday, without any other serious candidates in mind to replace Bob Chapek as CEO, CNBC’s David Faber reported Monday, citing sources.

The board’s outreach to Iger and discussion to replace Chapek came after surging concerns crested following Disney’s most recent quarterly earnings report, according to Faber’s sources.

While some internal candidates were identified that might be able to take the job over time, the board didn’t want to put someone new in that position given all various pressures on the company, Faber reported.

On Sunday, Disney said it would replace Chapek with Iger as chief executive, effective immediately. Chapek had come under fire for his management of Disney in the last few years. Chapek was notified on Sunday night, Faber reported.

Disney reported fiscal fourth-quarter earnings earlier this month, disappointing on profit and certain key revenue segments. The company had also warned that its strong streaming numbers would likely taper off in the future. Three days later, Chapek told executives that Disney would cut costs through hiring freezes, layoffs and other measures.

The company’s shares rose about 9% on Monday following the news of Chapek’s replacement.

Michele
Follow Me

Michele

Michele Atwood is the Owner/Editor of The Main Street Mouse and it’s subsidiaries and author of the books “Moving to Main Street U.S.A.” “How Many Sleeps Till Disney?” and “How Many Sleeps Till Disneyland?” Michele also contributes Disney news to the Joe Kelley Morning Show on 107.3 WDBO in Orlando. She and her family made the move from Michigan to the Orlando area to pursue their Disney dreams. Michele is a life long Disney fan, and has two sons who have followed suit, each going on their first Disney trip before their first birthday’s. Part of the goal Michele has for The Main Street Mouse is not only to keep members informed, but to create somewhat of a Disney Family by relating to others through personal experiences and opinions. Also, Michele is making it a priority to share stories of inspiration and hope to other Disney Fans in an effort to share the Magic and hopefully make a difference in the lives of others. ~ I enjoy writing personal perspective blogs, doing TMSM Meet Ups for our readers, and keeping the constant interaction going with others, sharing the Disney Magic to people when they can’t be at their Happy Place.

Michele has 6610 posts and counting. See all posts by Michele

mm
The Main Street Mouse
%d bloggers like this: