Disney CEO Bob Iger refused to turn over the keys to his office to hand-picked successor Bob Chapek because the long-time Mouse House boss wanted to keep his private bathroom, according to an explosive report.
Iger had decided to step away from the top job after 15 years in 2020, but his insistence on keeping the office — featuring the bathroom with a custom shower and two prized posters — at Disney’s Burbank, Calif., headquarters presaged Chapek’s ill-fated reign, CNBC reported Wednesday in an extensive look at the tumultuous relationship between the two.
Iger, then 70, had no reason to change offices since the succession plan kept him on as executive chairman for the next 22 months — during which time Chapek would report to him and the board, according to CNBC.
The office — a legacy passed down by Iger’s predecessor, Michael Eisner — was fitted with a private shower and a vanity for shaving. Iger would reportedly wake at his nearby Brentwood mansion at 4:15 a.m. and head to the office to work out before using the shower.
If Iger was scheduled to attend a banquet or awards show in the evening, he would shower again just before the event.
Iger told Chapek that he lived for those “two-shower days,” CNBC reported, citing people familiar with the conversation.
The two agreed that Chapek, who lived an hour away from Disney’s headquarters in Westlake Village, didn’t need the shower and would instead move into a smaller office on the same floor, according to CNBC.
The bathroom also featured two posters that were dear to Iger. One was a framed collage of newspaper front pages and magazine covers with images of Iger celebrating Disney’s purchase of Marvel in 2009.
The other was a spoof of a movie poster for the 1975 Clint Eastwood drama “The Eiger Sanction” — with the title changed to “The Iger Sanction” and Eastwood replaced with a likeness of Iger.
The plot of the Eastwood movie proved prescient. Eastwood played a retired assassin who returns for one last job.
Iger followed a similar script, killing Chapek’s career at Disney after the company man was ousted last year.
After Iger stepped down at CEO, he eventually vacated his office. Chapek moved in to his former boss’ space, though he did not use the shower, according to CNBC.
Chapek, now 63, told a friend that his tenure was “about three years of hell,” defined by the fear that Iger wanted his job back, according to CNBC, which conducted interviews with more than 25 people who worked closely with both men at Disney between 2020 and 2022.
During Chapek’s reign, he hiked prices for theme park admissions and also became embroiled in the controversy over legislation in Florida dubbed by opponents as “Don’t Say Gay.”
Iger confided to colleagues that he regretted installing Chapek as CEO particularly after the company reported disappointing earnings results stemming from accumulating losses in the streaming division, which has yet to turn a profit since its inception in 2019.
Within days of Iger’s return, he fired Chapek’s top lieutenants, including his former chief of staff Arthur Bochner; assistant Jackie Hart, and his de facto second-in-command, Kareem Daniel.
“Bob is proud of the work he did in the course of his 30-year career at Disney, particularly during his nearly three-year run as CEO, steering the company through the unprecedented challenges of the pandemic, and setting the course for business transformation as he and his team took the disruptive yet necessary steps for business revitalization and long-term growth,” a spokesperson for Chapek told CNBC.
The board, meanwhile, extended Iger’s contract through 2026 this summer — the fifth time his departure as CEO has been pushed back.
The Post has sought comment from Disney.
Since Iger’s return last November, Disney has embarked on a $5.5 billion cost-cutting spree that included layoffs and a companywide restructuring.
Disney is also considering a new strategy for its linear television properties, which have been affected by dwindling audiences and the rise of cord-cutting.
Last week, Disney’s stock price hit a nine-year low. Shares of the Mouse House were trading at around $81 a share at around noon Eastern time on Wednesday.
In March of 2021, Disney stock hit an all-time high of nearly $190 per share.
Credit: Source link
