Disney Was Paying Bob Iger $10 MILLION To Advise Bob Chapek! So Did Iger Give Any Advice To Chapek?

It's been revealed that the Walt Disney Company was paying Bob Iger $10 million in consulting fees after he retired as CEO in 2021 and was replaced by Bob Chapek.

It's been reported that Iger will receive a salary and benefits worth upwards of $23 million a year during his current tenure as CEO, with Disney saying that as a result of his return to the top job, his consultancy role is on pause but WILL resume again when he leaves.

A new regulatory filing from 2021 showed Iger was the regular recipient of installments of $500,000, starting in 2021.

Disney also footed the bill for Iger's security, which came to almost $750,000. In the filing.

In the filling it states that Iger was to advise 'on such matters as his successor as chief executive officer may request from time to time.'

So what advice was Iger giving Chapek and was Iger still pulling any of the strings behind the scenes, and that begs the question with all that has been going wrong at Disney since Iger left, is any of Chapek failings actually Iger's fault.

Last Sunday, Iger made a triumphant and shocking return to the top role at Disney as Chapek was given the boot following reports that the board had lost confidence in Chapek after receiving various complaints and concerns from many top executives within the company, all the while this was set against a backdrop of spiralling loses at Disney+, cast member and guest dissatisfaction at the theme parks, numerous incidents of bad press, and a falling share price.

The consulting contract was to run for five years with Disney having access to Iger’s "unique skills, knowledge and experience with regard to the media and entertainment business."

Bearing in mind this arrangement came during a period when Iger and Chapek were not on speaking terms, a fact that has been much hinted at recently by Iger in press briefings.

It's widely acknowledged by insiders that although Iger had hand picked Chapek as his successor, their relationship grew further apart, becoming more and more strained, with the pair clashed over almost everything, including the company's response to COVID and each other's political decisions, with the two having completely different advisory teams going against each other.

Things were so bad between the pair, Iger told friends he was upset his advice wasn't sought on key issues, in particular the company's horrendous handling of Florida's controversial Don't Say Gay bill.

In an article in the Financial Times, a former Disney executive commented that "Iger never forgave Chapek for the way Chapek distanced himself and took control of the company. In some ways, Iger thought he would still be the coach. Chapek was not willing."

So again, was Chapek pulling any strings or not, or has be been deliberately undermining Chapek from day one, so as to come back as CEO, something that has now indeed happened.

Walt Disney's grandniece and a major shareholder in Disney, Abigail Disney,

gave a damning verdict on Chapek's time as CEO in an interview with Time.

Disney said: 'He made a lot of rookie mistakes right out of the gate and then he made a whole series of rookie mistakes all along through his tenure. I don’t think he ever moved out of rookie mistake territory.'

So if Chapek was a rookie, where was his mentor and advisor Iger, and was he helping or plotting against Chapek?

Tellingly Abigail Disney continued: "The bottom line is that this was very poor succession planning and the onus of that has to land squarely on Bob Iger’s shoulders as well as the shoulders of the board of directors."

So was Iger deliberately playing against Chapek in a bid to return as CEO?

Business Insider reported this week that Iger referred to his successor as a 'novice.' , and various other press comments seem to show Iger chipping away at Chapek's reputation.

We are not saying anything that happened under Bob Chapek's watch is the fault of Iger, but then why was Disney's board paying him to help Chapek at all?

Yes, Chapek made many, many mistakes, and took moral with employees and cast members to an all time low within the company, and yes he was squeezing every last nickel out of theme park guests while delivering a below par experience, not to mention cutbacks, the shameful way he has decimated Disney Imagineering, and we could go on, and on, but then why did Disney and ultimately Iger allow him to be CEO in the first place, and why did the board renew his contract earlier this year!

The main fault of this whole sorry affair must lie at the Disney boards door, helped in many ways by Iger, who has been largely painted the hero of the hour, BUT SHOULD HE BE?

We can only hope that moving forward many of the mistakes of recent years are rectified, and then, especially for us theme park fans, that Walt Disney World receives the love and attention it deserves, including major investment, especially with Universal now breathing down Disney's necks with the opening of Epic Universe...

Whatever happens, it's going to be a very interesting few years ahead.