disneyThe TBEN board contacted Bob Iger on Friday, with no other serious candidates in mind to replace Bob Chapek as CEO, TBEN’s David Faber reported Monday, citing sources.
The board’s contact with Iger and the discussion to replace Chapek came after concerns grew following Disney’s most recent quarterly results, according to Faber’s sources.
While some internal candidates were identified who could take the job over time, the board didn’t want to put a new person in that position given all the various pressures on the company, Faber reported.
On Sunday, Disney said it would replace Chapek with Iger as CEO effective immediately. Chapek has come under fire in recent years for his management of Disney. Chapek was informed on Sunday evening, Faber reported.
Disney reported fiscal fourth-quarter earnings earlier this month, disappointing earnings and certain key revenue segments. The company had also warned that its strong streaming numbers were likely to decline in the future. Three days later, Chapek told executives that Disney would reduce costs through staff cuts, layoffs and other measures.
Shares of the company rose about 9% on Monday following news of Chapek’s replacement.