Bob Chapek Was Told He Was Fired Just Moments Before Public Bob Iger Returning Announcement
News - WDC 22-Nov-2022
In a new SEC filing, it was confirmed the board of directors of the Walt Disney Company fired ex-CEO Bob Chapek. In the filing, Disney says it "exercised its right to terminate without cause" the employment of Bob Chapek.
On November 20, 2022, The Walt Disney Company (the "Company") appointed Robert A. Iger as Chief Executive Officer for a term ending December 31, 2024... The Company exercised its right to terminate without cause the employment of Robert A. Chapek as Chief Executive Officer. Effective as of the termination, Mr. Chapek also resigned from the Board pursuant to the terms of his employment agreement. In connection with his termination, Mr. Chapek will receive the separation benefits payable in accordance with the terms of his previously disclosed employment agreement.
A report by CNBC says that discussions between the Walt Disney Company board and Bob Iger only happened on Friday (18th November) evening. Ex-CEO Bob Chapek was notified of his firing and Bob Iger returning as CEO just moments before the public announcement on Sunday. Bob Iger will serve as CEO for the next two-years until a suitable replacement is chosen. Bob Iger has already began restructuring the company and putting the decision making powers back into the hands of the creatives.
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