News Chapek FIRED, Iger New CEO

[VJ]

I mean... We have to find some optimism. Maybe we'll get a real creative force in charge of the parks?

Bob Chapek is now head of the company. The one who slashed budgets left and right ahead of the opening of the biggest themed lands in Disney Parks history. The one who thought a strategic partnership with Target was genius. If there's a silver lining here, I cannot see it.

 

[brb1006]

I'm suddenly starting to lose my optimism for WDW's 50th Anniversary.

 

[MisterPenguin]

Ah i love how a few months back when I was giving info and this was included everyone lost their minds and called me a phony. This is glorious @MisterPenguin.

So, way back then, someone at Disney told you Chapek was going to be CEO?

 

[Sirwalterraleigh]

Before we wonder why the parachute was deployed as I have been predicting for a few years...at ANY moment...

I’ll make a couple more predictions:

The next quarter will show:
1. Major disruptions in all segments due to China
2. Disney + subscriptions slowing substantially
3. Major slow in box office
4. Star Wars is failing.

(Last one is just the truth and I wanted to get it in)


Everyone book a Halloween party

 

[Coaster Lover]

Well, apparently people are applauding the decision... oh, wait, that's just Chapek trying to start his own applause...

 

[wdwmagic]

Going to be very interesting to see who takes Chapek's role.

 

[MisterPenguin]

New song: Queen of Mean.

It's priceless.

 

[jrhwdw]

Unless he’s gonna get in the Presidential race.....

For what party??? No offense here, just curious.

 

[Lilofan]

Wow...not only did Iger not bother to even BS. a succession plan...he up and left without even trying to have one.

How’s the market doing today?

Jeff Bezos just lost $30billion of his net worth in 1 week. Iger knew when to get out.

 

[marni1971]

If there's a silver lining here, I cannot see it.

Neither can Wall Street at the moment it seems.

 

[ProjectXBlog]

BBC has a plan - and preprepared material - for when our monarch dies.

CNN too

 

[KBLovedDisney]

New song: Queen of Mean.

It's priceless.

 

[happycamperuni]

This is absolutely bizarre. For years now Iger has said he is going to be leaving and then extending his tenure. He repeatedly promised a planned and orderly leadership transition. An immediate change doesn’t align at all with that past behavior.

Iger still leading creativity is at least a good laugh.

It's bizarre but it also makes sense if you think that Disney will have a brutal earnings year in 2020:

1) Coronavirus will probably result in a steep revenue/earnings decline for the Disney parks, and it will likely also impact merchandise production due to the outbreak across Asia, especially in China.

2) Film/movie slate will have a steep revenue/earnings decline given the comparison to 2019's robust slate.

3) Disney+/Hulu/ESPN+ will cost hundreds of millions, even billions, in excess of the revenue they produce for the next couple of years and that begins this year.

Disney's earnings will look bad compared to 2019 the next couple of quarters. Iger is getting out in front of that and letting Chapek ride that cycle...

 

[TROR]

I guess Iger wanted to end on a high note. Looking towards the future of the company, it’s not great.

 

[Magic Feather]

Sigh, I knew it was coming, but I hoped it wouldn't be this soon. Surprised that the DPEP replacement announcement didn't come with it (that is the one you really should care about). Unfortunately, I have heard Chapek's corporate culture described as a lot of things (rarely positive). The drive for quarter over quarter growth that made the division somewhat toxic. On the bright side. I'd figure that this will put someone with real experience in charge of Parks. We'll just have to hope that Chapek gets preoccupied by the media division like Iger did.

 

[invader]

Weatherman must have seen the forecast

 

[csmat99]

Unless he’s gonna get in the Presidential race.....

It's too late

 

[ShoalFox]

This news was enough to get me back on the forums (hi everyone). I wonder what happened to make him leave before his set date... I'm not too optimistic about what Chapek will do, but we'll see.

 

[bartholomr4]

It feels extremely sudden and this is not something you spring on investors as an 'immediate' thing unless something is going on, especially with a contract that had just shy of two years remaining on it. You normally announce your succession plan with a date as to when someone is going to take over to help soothe investors nerves.

Stock is down right now and it will be interesting to see what happens during after-hours trading. I don't see it catering, but definitely would not be surprised by a 10% drop considering how well Iger has done for investors, all dependent on how Wall St. feels about Chapek.

The stock was up $2.75 afterhours until the announcement, and is now down $3.23

 

[BoarderPhreak]

Holy...