Report: Disney Blindsided Chapek With CEO Decision

Disney chose to rehire Bob Iger as chief executive after receiving internal complaints from senior leadership that Bob Chapek was not fit for the job, according to citing  people familiar with the matter.

Christine McCarthy

The executive change came together quickly, blindsiding Chapek and his closest allies. Disney’s board reached out to Iger on Friday, without any other serious candidates in mind to replace Chapek as CEO, CNBC’s David Faber reported Monday, citing sources.

The board’s outreach to Iger and discussion to replace Chapek came after the board married internal complaints about Chapek’s leadership with concerns following Disney’s most recent quarterly earnings report, said the people, who asked not to be named because the discussions were private. One of the executives to express a lack of confidence in Chapek was Christine McCarthy, Disney’s chief financial officer, two of the people said.

Kareem Daniel

McCarthy was Iger’s CFO before he departed as CEO in 2020, holding the role since 2015. She has an established relationship with the board given her longevity in the position, the people said.

At least one of Chapek's top lieutenants has left the company, according to CNBC. Kareem Daniel, Disney’s head of media and entertainment — and right hand to now-departed CEO Bob Chapek — is out.

Iger announced Daniel’s departure in a memo to employees Monday along with a “new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs.”

“This will necessitate a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company,” Iger said in the memo, which was obtained by CNBC.