News Chapek FIRED, Iger New CEO

_caleb

_caleb

Well-Known Member
I’m watching to see what Iger does/says in the first few days of his return. That’s going to tell us all we need to know about why Chapek was fired. Parks? Streaming? Creative? Political stuff?
 
el_super

el_super

Well-Known Member
flynnibus said:
My biggest Chapek disappointment was that he did not have the guts to rip out go.com from Disney's online universe.
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I actually agree with that.

mightynine said:
So was Feige threatening to walk or something? Because while I won’t shed a tear about Chappie getting the boot, a Sunday night special like this from the Board either shows the BOD’s hands were forced or they look really, really dumb giving Chappie that extension and giving a glowing endorsement on his leadership.
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I would guess it was always on the table. That Iger sold the board o Chapek with the promise that he would come back when/if it went sideways.

The real conspiracy might be whether this was all planned form the start. It certainly makes some of those Hollywood insider articles slightly more interesting.

There's also almost no reason for Iger to say yes. He still has to make cuts, he still has to engage in politics and now, he gets to be front and center for a sucession crisis at Disney.
 
MisterPenguin

MisterPenguin

President of Animal Kingdom
Premium Member
TalkingHead said:
Chapek’s contract was just extended a few months ago, right? Is there that much hand-wringing over the future of streaming?
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monothingie said:
Last quarter it was a $1.5 billion problem. That’s what got Chapek fired. Everything else was ancillary. Disney Streaming has operated at a lost since it was consolidated all together.
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Iger originally gave the guidance that D+ wouldn't be profitable until 2024. That hasn't changed.

What has changed:

1. Wall Street has stopped counting subscriptions and instead started to look at the profit/loss of streaming companies -- which they should have been doing from the beginning.

2. Wall Street forgot that Disney's guidance was that it wouldn't be profitable until 2024. When D+ zoomed past its first sub goal, Wall Street boosted Disney stock. When Disney was able to avoid huge losses during the lockdowns, Wall Street boosted its stock again. When Netflix had a huge quarterly loss and a huge loss in subs, Wall Street decided all streamers were awful, and that streamers weren't going to boost their investment to more than the 7% general growth of the market in general, and it would be two more years before Disney would be giving out dividends. So, they tanked Disney's (and other streamers') stocks.

3. This past quarter was D+'s largest loss (as predicted by the guidance). Guidance now has that loss shrinking, but Wall Street is a mercurial and perfidious dance partner. All this with cable cutting accelerating and D+ very likely to be one of the winners of the streaming wars. But for Wall Street, they want the big gains NOW.

4. Bob Chapek isn't making friends with Wall Street nor customers nor the public in general nor politicians.
 
mightynine

mightynine

Well-Known Member
Thinking about it more, wonder if it was something as simple as a “stock stays below $X for Y days” trigger clause in Chappie’s contract that led to this.
 
C

Crunchie9

Well-Known Member
You would think 180 dinning window would help forecasts not hinder them.

I also would throw my hat in the ring for no more reservations. I like trying to hit 4 parks in a day.
 

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