Site icon Rapid Telecast

Disney CFO said she lacked confidence in CEO Bob Chapek before his ouster

Disney CFO said she lacked confidence in CEO Bob Chapek before his ouster

Discontent over Walt Disney’s former CEO Bob Chapek had been festering among top executives — and the exec was described as tone-deaf in a recent conference call.

Disney’s CFO Christine McCarthy told investors she lacked confidence in Chapek after a Nov. 8 conference call about the company’s worse than expected quarterly loss of $1.5 billion linked to its Disney+ streaming service, the Wall Street Journal reported.

Despite the steep financial pitfall, Chapek appeared upbeat and insisted the company was “on a path to profitable streaming business that generates shareholder value long into the future.”

By Friday of the following week, Disney execs were seeing if Iger would return to his old job of 15 years in order to replace Chapek, the paper reported.

Chairperson of Disney’s board Susan Arnold called Iger up and asked if he’d consider coming back to run the Mouse House once again, people with inside knowledge told the Journal.

Chapek speaking.
Chapek stepped down as CEO on Sunday.
MediaNews Group via Getty Images

Intense negotiations among parties unfolded over the weekend and by Sunday night, the surprise announcement that Chapek had stepped down and Iger was reclaiming the helm hit the papers.

On Sunday, the company announced it was bringing back longtime CEO Bob Iger as CEO to replace his successor.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest  Business News Click Here 

Read original article here

Denial of responsibility! Rapidtelecast.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – abuse@rapidtelecast.com. The content will be deleted within 24 hours.
Exit mobile version