Walt Disney Co.’s board promised a smooth transition from the end of the Bob Iger era to the new regime under Chief Executive Officer Bob Chapek. In the final hours of Iger’s tenure, the reality looks much rockier.

It’s not just the pandemic, which shut down Disney’s theme parks, cruise ships, TV and film production just days after Chapek was promoted last year. The 61-year-old CEO’s organizational changes have rankled insiders, and executives from the Iger era are departing in droves. A lawsuit by actress Scarlett Johansson over her compensation was a blow to Disney’s talent relations.

Wall Street, meanwhile, is growing skeptical that the company’s flagship streaming service, Disney+, will hit Chapek’s target of as many as 260 million subscribers in 2024. Disney shares are down about 16% this year, heading toward their worst annual performance since 2008. Morgan Stanley said the stock is suffering from a "crisis of confidence.”