If a CEO doesn’t understand that driving revenue and keeping investors happy is as or, in some cases, more important than making sure not a single employee gets their feelings hurt, he’s not going to be in the corner office very long.
Bob Chapek’s reign as CEO of Disney came to an abrupt and humiliating end because it seemed like Snow White’s friend Dopey had a better grasp on finance than Chapek.
The person who saw that up close and personal is Disney CFO Christine McCarthy, and reports are coming out saying she was leading the charge with several other execs to get the clown show under Chapek canceled.
The Financial Times reports that the plan was hatched this past summer to get rid of Chapel, and McCarthy and company had to get the Disney Board of Directors on board, which they eventually did.
CNBC reports that Chapek was fired without cause, so he’ll get a small fortune to go away. Bob Iger is back in his old role, with a salary of $1 million that could lead to $25 million plus if he rights the ship.
The list of failures for Chapek is about as long as the line for Space Mountain on the 4th of July.
He ticked off fans of Disney parks by trying to squeeze them for every last nickel. He was also famous in his short tenure for abrupt business decisions that freaked out and ticked off not only shareholders but the movers and shakers in Hollywood that make content.
It was a classic case of someone being in way over their skis, and when the mistakes of an overmatched executive turn into billions in lost revenue and decreased market cap, he’s got to go.