Key facts
- Former Disney CEO Bob Chapek said he would not have taken the CEO job if he could go back in time.
- Chapek felt he inherited a "tattoo of a legacy" from predecessor Bob Iger.
- Chapek's time as CEO included PR stumbles and stock price volatility.
- Disney's board dismissed Chapek and reinstated Bob Iger in November 2022.
- Chapek advised current CEO Josh D'Amaro to avoid political advocacy.
- Disney is suing the FCC over broadcast license reviews related to DEI practices.
Former Disney CEO Bob Chapek stated that if he could revisit his past, he would decline the offer to become CEO, describing his tenure as turbulent and marked by conflict with his predecessor, Bob Iger. Chapek, who led Disney from February 2020 until his dismissal in November 2022, feels he was unfairly burdened by Iger's legacy and that the board acted too quickly in replacing him.
In an interview with Business Insider to promote his new book, Chapek criticized Iger's return to the CEO role and suggested he was undermined by Iger from the outset. Chapek's time as CEO saw both initial stock market success, with shares doubling from a pandemic low of $79 to $197 in March 2021, and significant challenges, including PR missteps and a nearly $1.5 billion quarterly loss in the streaming business. Disney+ grew to over 150 million subscribers under his leadership, though a target of 230-260 million by the end of 2024 was set.
Chapek offered praise for current CEO Josh D'Amaro, whom he had promoted multiple times, and advised him to navigate political controversies carefully. Chapek believes Disney should remain neutral on political issues to avoid alienating segments of its audience, citing the backlash over the "Don't Say Gay" bill as an example. He noted that tough decisions like layoffs are being made after his departure.
Disney's stock has lagged the broader market, rising about 13% in the last decade compared to the S&P 500's 255% gain. Chapek attributed price hikes for parks and streaming services to increased content costs, stating Disney+ was initially underpriced. Meanwhile, Disney is currently engaged in a legal battle with the FCC, which is reviewing broadcast licenses for ABC stations due to the company's DEI practices. D'Amaro has called the review "blatant retaliation."