CNBC SPECIAL: Disney's Wildest Ride Part 1
Squawk on the Street
CNBC
4.1 • 567 Ratings
🗓️ 20 November 2023
⏱️ 44 minutes
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| 0:00.0 | What does a private bathroom, Ugy-Buggy Bash, and a hippopotamus have to do with the behind-the-scenes chaos between Bob Iger and Bob Chapec at Disney? |
| 0:12.6 | I'm CNBC media reporter Alex Sherman. I spent many months reporting the inside drama of a CEO succession plan gone awry. A cautionary tale |
| 0:24.1 | about how good intentions collided with ego and hubris at the highest levels of corporate America. |
| 0:32.0 | Welcome to Disney's wildest ride. |
| 0:38.7 | Part one. After pushing back his retirement four times, Bob Eiger finally made the leap. |
| 0:45.9 | On February 25, 2020, he announced he would step down as Disney's CEO. |
| 0:52.0 | His handpick successor, Bob Chapec, then Disney's Parks Chairman, would take over |
| 0:58.0 | the day-to-day job of running the company effective immediately. As part of the changing of the guard, |
| 1:04.0 | the Disney Board suggested the new CEO should take over Iger's expansive office at Disney |
| 1:10.8 | headquarters in Burbank, California. |
| 1:13.3 | There was just one problem. Iger had no interest in moving out. He wasn't truly leaving Disney |
| 1:19.3 | anyway. His succession plan allowed him to stay on as executive chairman for 22 more months. |
| 1:25.6 | Chepec would report to him and the board. |
| 1:28.4 | Iger would also, quote, direct the company's creative endeavors, nebulous phrasing suggesting |
| 1:34.6 | he would retain control of movie and TV content and operations. |
| 1:39.8 | There was a practical reason Iger didn't want to move out of his office. |
| 1:44.0 | It had a private shower, |
| 1:45.9 | built for former CEO Michael Eisner, and a vanity for shaving. Iger, now 72, consistently woke up |
| 1:54.0 | around 4.15 a.m. to work out and then shower. On evenings when Iger was heading out for a Disney |
| 1:59.7 | premiere, award show, or benefit, he would often take a second shower, this time in the office. |
| 2:06.8 | Iger told Chepec that he lived for those, quote, two shower days, according to people familiar with the conversation. |
| 2:15.0 | Iger chose Cheapek, now 64, as his successor because of Chaepec's integrity |
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