Disney, Iger Start Over With Another Succession Plan in Tatters

The stock was in free fall when Walt Disney Co.’s board said Bob Chapek was “the right leader at the right time.” Five months later, the same board showed him the door.

The unexpected ousting of Chapek on Sunday, and the rehiring of Disney’s former CEO Bob Iger, is the latest decision to prove the board of the world’s largest entertainment company hasn’t mastered the art of succession.

The board repeatedly renewed Iger’s contract during his 15-year stint in the top job, driving away potential successors. By the time the directors lost confidence in Chapek, there weren’t any ...