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Disney CEO Bob Chapek has been a controversial figure in the Disney Parks community. He continues to boast the success of Genie+ and the Park Pass system at Walt Disney World and Disneyland, despite outcry from fans. Some disapprove of his public disdain for Florida Governor Ron DeSantis’s Parental Rights in Education Act, known as the “Don’t Say Gay” law.
Related: Disney CEO Bob Chapek’s Possible Removal From Company Is Imminent, Speculation Indicates
While Disney fans might not support Chapek, The Walt Disney Company’s board has made no public indication that they plan to remove him. However, new reporting from Business Insider suggests that with his three-year contract coming to a close without renewal, multiple candidates have been chosen to replace Chapek as Disney’s CEO.
A media consultant told Business Insider that it’s the board’s responsibility to hire and fire CEOs and have an emergency plan in place if a CEO leaves suddenly and that Disney’s board has a contingency plan “either fully developed, or in the process.”
It’s important to note that Disney board members cannot speak on any plans regarding CEO Bob Chapek’s employment — it would be considered a breach of contract. Someone close to executives told Business Insider that some Disney company directors are waiting for the public response to the Walt Disney Company’s Q2 earnings call, which was live yesterday, May 11.
Previously, author James Stewart, who wrote DisneyWar (2006), a book that tells the story of The Walt Disney Company under former CEO Michael Eisner, expressed his concern about the controversy surrounding Bob Chapek. He told CNBC that the response to the “Don’t Say Gay” bill in Florida was a “growing cause for concern among many investors.”
Related: Former Disney CEO Michael Eisner Speaks Out on Bob Chapek Amid Backlash
There is historical precedent for the ousting of a CEO by The Walt Disney Company. Former CEO Michael Eisner was forcibly replaced as chairman of Disney’s board in 2004 after Roy Disney, Walt Disney’s nephew, led a shareholder revolt. Disney felt Eisner was too timid and a micromanager.
Although Michael Eisner technically resigned when he left his position as CEO in 2005, he cited many of the same reasons for his departure. Eisner claimed there was a culture of micromanaging at Disney and that certain executives were too timid about making changes to the theme parks. While Eisner never publicly cited his ousting from the board as a reason for his resignation, Disney fans have long made that connection.
Again, The Walt Disney Company and its board members have not commented on whether replacements for current CEO Bob Chapek have been chosen. Business Insider reportedly confirmed its insiders’ connections to the executive level at The Walt Disney Company but did not publicly identify them.
Inside the Magic will report on any news relating to CEO Bob Chapek as soon as it’s announced.
Do you think current Walt Disney Company CEO Bob Chapek should be replaced? Let us know in the comments.
