News Chapek FIRED, Iger New CEO

[danv3]

It didn’t “happen” tonight. They’ve presumably been negotiating the exit since late last week. Just needed to press release it before or after market hours.

We’ll know more when they file the 8-K.

 

[Animaniac93-98]

Correct me it I'm wrong, but it seems highly unusual that a major move like this would happen on a Sunday night? Doesn't that seem to mean that something blew up internally that we are not yet privy to that caused the board to have to move immediately?

Timing is interesting... so I don't think it's a direct 'you failed, so you're fired'... this almost sounds like a 'situation' scenario. Something blew up.. and the board had to react on very short notice. I mean, how else does this go down on a Sunday night the week before thanksgiving without a peep before hand?

I wonder if there was some new mandate that BC was given that he just flipped his table over? I would be shocked that the board would move on such odd timing if it were just performance related.

The whole situation is bizarre and I think unprecedented in the company's history.

I haven't seen anything this bonkers from Disney since...they made a cartoon show called Bonkers.

 

[Big_Shakalaka]

Someone wake up Martin.

@marni1971

 

[Andrew C]

Every CEO change with this company is freakin craZy

 

[fgmnt]

It didn’t “happen” tonight. They’ve presumably been negotiating the exit since late last week. Just needed to press release it before or after market hours.

This happening under the cover of darkness is so unlike this company and industry. That is what shocks me so much. No real new bluster or scuttlebutt after some mediocre financials, then BAM!

 

[_caleb]

Could be a bit of both. This past week I think all the negative press the parks were getting from all sides (WSJ wrote a front page article, Jim Cramer called for his resignation, The Young Turks did an episode on the disney parks crumbling) just hit a critical mass on top of his other f**kups and they had to ditch him

I think the negative press is a HUGE part of this. Unless Chapek was busted for some indiscretion, I think it came down to those “the magic is gone” stories.

 

[Surferboy567]

This is crazy, I don’t think anyone could have seen or predicted this one. Still trying to figure out if this is good or not.

 

[TalkingHead]

What’s left for Iger to purchase? Star Trek?

 

[HauntedPirate]

Meet the new boss, same as the old boss.

On the surface, jettisoning Bob 2.0 is long overdue. His employment in upper management was a mistake from the day he was installed in P&R. Unmitigated disaster. But Bob 1.0 is in this for one reason and one reason only - His ego. And what is going to change? I’d guess very little.

 

[lazyboy97o]

I think the negative press is a HUGE part of this. Unless Chapek was busted for some indiscretion, I think it came down to those “the magic is gone” stories.

Except Disney doesn’t really care about the idiots who like theme parks. This is hardly the first time there have been negative stories.

 

[Big_Shakalaka]

He was clearly fired.

 

[flynnibus]

Maybe Iger was setting Chapek up to be the fall guy?

Annual report prep shows all the doom... They walk Chapek out there to take all the bullets

They let Chapek lead with a big cost cutting agenda... again, take all the bullets... Then dump the body and waltz in with some new Savior Plan that will look even better in the wake of the messages Chapek just had to deliver?

 

[Animaniac93-98]

Every CEO change with this company is freakin craZy

Wild how Walt Disney dying was arguably the least dramatic transition of power.

 

[BasiltheBatLord]

There's no way this just "suddenly" happened this weekend. Iger did not want to come back, there were likely negotiations going on for some time.

 

[fgmnt]

I think the negative press is a HUGE part of this. Unless Chapek was busted for some indiscretion, I think it came down to those “the magic is gone” stories.

If he can get his right hand spokesperson back as well I imagine Bob the Elder will be able to convince enough people to not believe what they see with their eyes, something Bob the Lesser could not seem to pull off.

 

[_caleb]

Iger’s greatest skill is getting people to just accept what he says. He can declare himself different while doing the same and people will buy it. It’s exactly what he did with Eisner.

Do you mean the Pixar/Steve Jobs negotiations?

 

[Smiley/OCD]

I might be in the minority here, but I was generally cool with Iger's reign, especially as it compared to the disaster of Chapek. Hopefully he does a better job picking a replacement and this helps right the ship.

Maybe the answer is NOT to let Iger pick his replacement…

 

[JoeCamel]

Where are the posters trotting out "the board renewed Chapek's contract so they must like.....) people now?

 

[James Alucobond]

Maybe Iger was setting Chapek up to be the fall guy?

Annual report prep shows all the doom... They walk Chapek out there to take all the bullets

They let Chapek lead with a big cost cutting agenda... again, take all the bullets... Then dump the body and waltz in with some new Savior Plan that will look even better in the wake of the messages Chapek just had to deliver?

I mean, I wouldn't mind being a dumped body after two years at that level of compensation.

 

[fgmnt]

There's no way this just "suddenly" happened this weekend. Iger did not want to come back, there were likely negotiations going on for some time.

I am not saying this to be annoying to you in particular, but there was this completely grotesque profile of Iger over the summer that might have been shared in this thread, and definitely somewhere on this forum, that would lead you to a different conclusion than whatever the man has said himself.

He is completely ego-obsessed and could never let this job go. He HAS to be THE GUY. It is integral to his identity.