Disney replaced CEO Bob Chapek with former CEO Bob Iger earlier this month.
The reason for the change was after a disastrous fourth quarter and persistent losses at Disney+.
In a shocking turn of events, Disney company reinstated Bob Iger as CEO on Sunday night after less than a year in retirement, replacing Bob Chapek.
The board of directors announced Iger’s unexpected comeback and confirmed that his successor, Bob Chapek, had stepped down from his position.
According to Reuters, investors were disappointed by Disney’s latest earnings report, which detailed persistent losses at the company’s streaming media unit, which includes Disney+.
A new report is now alleging that Chapek used deceptive accounting practices to try and hide how much money was lost with Disney+.
According to a new report, recently ousted Disney CEO Bob Chapek is alleged to have engaged in a series of deceptive accounting practices in order to hide just how much money the company has truly lost in service of developing their signature streaming service.
As per a collective decision by the House of Mouse’s board of directors following his poor showing during the company’s disastrous Q4 earnings call, Chapek was removed as the Disney’s CEO on November 20th, having served in the position for only two years.
However, as per insiders who supposedly spoke to The Wall Street Journal, this is a near impossible goal to achieve due to the fact that the company has, in reality, “lost more than $8.5 billion since Disney+ launched and has posted bigger operating losses in each of the post four quarters.”
Further, in order to keep the warning signals from blaring, Chapek allegedly took to airing some Disney Plus originals, such as The Mysterious Benedict Society and Doogie Kameāloha, M.D, on the company’s other networks.
Go woke, go broke!