Bob Chapek recounts his path to Disney CEO amid leadership turnover
In a memoir excerpt, former Disney chairman Bob Chapek describes his rise to chief executive, the abrupt succession plan announced by Bob Iger, and the challenges he faced during the transition.
Bob Chapek, who led Disney’s Parks, Experiences and Products, detailed in a memoir excerpt how he became the company’s chief executive officer after a prolonged succession discussion with former CEO Bob Iger. Chapek said Iger indicated in late 2019 that he would step down and had told the board that Chapek would replace him. The board confirmed the decision, and Chapek was informed in early January 2020 that the transition would occur within two weeks.
The announcement came after several senior executives, including Kevin Mayer, Tom Staggs and Jay Rasulo, had left Disney in the preceding years, each having been considered a potential successor. Chapek noted that his work on the Shanghai and Paris parks and on pricing initiatives had boosted Disney’s quarterly revenue by 8 percent to $6.7 billion and park operating income by 17 percent to $1.4 billion in November 2019.
Following the public announcement, Chapek and Iger participated in a CNBC interview. Chapek recalled Iger’s demeanor appeared strained, and Iger clarified that the senior management team had worked well together. Chapek later met with investors and prepared for the company’s annual shareholder meeting in March 2020, where he fielded questions about the editorial direction of ABC News.
Chapek also described Iger’s decision to remain with Disney as executive chairman and creative director for two years, creating a reporting structure in which Chapek would answer to both the board and Iger. He recounted a tense exchange on a flight back from the shareholder meeting when finance chief Christine McCarthy suggested a one-on-one meeting, prompting an angry response from Iger.
The memoir excerpt highlights the rapid timeline of the leadership change, the internal dynamics among top executives, and the operational challenges Chapek faced as he assumed the CEO role.