Bob Iger’s tallest order at Disney: preparing his own replacement
Disney CEO Bob Iger’s biggest order to date: preparing a replacement for ousted Chair Bob Chapek in the event that he is too incapacitated to lead effectively for longer than two years.
Bob Iger, CEO of the Walt Disney Company (NYSE: DIS – News – Alerts) on Tuesday morning met with his executive team for its regular Tuesday morning meeting to discuss the most important issue of the day: “If we have a transition period in place, what would that look like and how would we plan for the transition from Bob Chapek?” asked Iger in a morning update.
Iger, who was not given the opportunity to speak on his own behalf, said this week’s meeting was the first of its kind. “It’s rare for a company to put the chairs and board room into a place where people are so engaged, where the CEO can put whatever he wants on the table and have it get a positive reception,” said Iger.
Iger said he’s known “for years” that he would transition out of being Disney’s chairman without being out of the top spot. To do that, he said he would work through his team to evaluate the job Chapek was doing in the job. In the meantime, the company is working with its board to prepare for a “full board’s meeting to review the status quo under Chairman Bob Chapek, if, and when, there is a change in leadership for the Chairmanship” said Iger.
If Chapek is out of the chairmanship role for an extended period of time, Iger would be the company’s de facto replacement. If that happens, Disney CEO Bob Iger would be the chair during the transition period, while Chapek would take the position as chair under a different “leader” for the chairmanship.
To prepare for that transition period and work alongside company leaders to make the transition smoother, Iger said the company will have a series of events, where the company will meet with its key leaders and board members to “discuss the future of the Company.” He said the company is also planning a meeting with its “executive leadership team.”
“This is the first time in my time as CEO for a big company that we’ve had