News Chapek FIRED, Iger New CEO

[tirian]

Good question. I read about it here, if I remember rightly...

OLC was definitely given the option, which they rejected.

 

[IMDREW]

2020 is shaping up to be the most bizarre year of my life

 

[Lilofan]

A CEO reporting to someone. Any incoming CEO would not agree to this except Chapek.

 

[MaryJaneP]

The prior "bring balance" may be seen as invoking a Star Wars reference

If we can we also think "Luke, I am your new CEO" fits.

 

[Cesar R M]

So, is Bob really leaving before the stocks tank thanks to the covid19 fears and closures?
Someone keep an eye on Bob's shares
If he sells them in a single package.. run for your lives

 

[Josh Hendy]

Old CEO says, "the new CEO reports to me" is a weird look.

Wasn't the question asked yet in any official media availabilities such as conference call or interview, "And exactly why now?"

 

[seascape]

We can all disagree on the decision to make Bob Chapek CEO. I don't know what to think right now. However, I do think the timing makes sense. Bob Iger was going to retire in a little over a year. Having indecision over who will take over is not in anyone's interest. As for the streaming services and their further, they are well setup and will be profitable much sooner than was previously predicted. The next quarterly conference call is in May, well over a month after Disney Plus launches in Europe and India. On that call, Disney will be able to provide an update on when Disney Plus will become profitable. It will also be 2 months after FX in Hulu launches, so the streaming services should be well set. Iger wants to leave on top and he has accomplished what he wanted.

Going forward. we have to hope that Disney Plus and Hulu are as successful as Iger thinks they will be. We also need to pray that the Coronavirus is only a blip and that a cure is found. If it is worse than that, it doesn't matter who is running the company because themeparks and movie theaters will be killed. Disney will survive with its streaming services and cable channels because people will stay home for their entertainment but all themeparks will be killed because no one will travel to Orlando or to regional parks.

 

[Disney Analyst]

 

[voldemort-chan]

A CEO reporting to someone. Any incoming CEO would not agree to this except Chapek.

I guess the real question is, how badly does Chapek have to crash the ferrari before he's grounded?

 

[TwilightZone]

Just when I was thinking about disney again this comes around. Suddenly my pfp is fitting...

It seems like every time we are unhappy about something and want a change, we get change but for the worse.

What happens when we are happy about something?

 

[corran horn]

Yep...down 50% from the one 4 years prior...the third least
Popular Star Wars movie of all time in terms of tickets sold.

No films in production.

That’s all “swell”

It also drove millions to Disney+.

It's the kind of problem Disney is happy to have financially, I'm sure.

Their ESPN holdings, on the other hand...

 

[Cesar R M]

Hakuna Matata now.

It means no worries

 

[durangojim]

Chapek just reported that 90% of parks and resorts CMs are being let go. He said that guests are the new CM and each one has their own story and role. He said that they can throw out their own trash and make their own beds and that the children can be used as servants to serve food and cook behind the scenes. It’ll save billions and we’ll all truly be part of the Disney family now.

 

[Nubs70]

So, is Bob really leaving before the stocks tank thanks to the covid19 fears and closures?
Someone keep an eye on Bob's shares
If he sells them in a single package.. run for your lives

If his compensation relied on a substantial amount of stock whose value per share is determined at the end of trading on the day of his resignation as CEO and is only fully vested at the last day of his contract.

He would have locked in the value of his compensation today.

His position of of creative consultant covers the vesting period.

In short, he sees bad things in the stock market on the horizon, locks in value of compensation, and has a make work position to cover the vesting period.

 

[Cesar R M]

Look at y’all. Hating Iger for years, and minutes after he steps down, already begging for him to come back.

Well, thats like whats better for you.. a heavy cold, or ebola. You'd select the heavy cold right?

 

[Mouse Trap]

Biggest question on my mind now is who is going to present the Legends awards at D23

 

["El Gran Magnifico"]

This smells like an interim role. Chapek is a Parks guy. Don't see him as Studios type.

And Geez, Iger did enough to muck up Lucasfilms. Imagine what Chapek would do. There's a longer play here. This wasn't a knee jerk by Iger. There's a plan here. For better or worse.

 

[MagicWDI]

A current CEO reporting to someone technically below him??

Has this ever happened before?

The CEO reports to the board. In this case will report directly to Executive Chairman, who has also been assigned creative oversight of the company. Pretty much Iger stripped all of his day-day duties but one, creative oversight, and handed the day-to-day operations to Chapek.

 

[rreading]

On the investor call linked in this thread and available for anyone to listen to, Iger states that he - as his new ~Executive Chairman~ role - will be intending to oversee the creative plans for Disney while Chapek learns to negotiate the business of running the company.

As much as I'm happy that I dumped my stock a week ago due to Corona, this perspective makes sense. The other posters arguing that if Chapek is a disaster then Iger may step back in are likely correct, in my opinion.

I do expect Iger to cash in his stock before it takes a beating, but this transition period leaves me hopeful. I do think that Iger has a hope to be remembered as one of Disney's great leaders, and for him to let it fall apart in the handoff doesn't ring true for me. I think that he does plan to make sure that Chapek knows what he's doing, or to support his ouster if needed.

Keeping my fingers crossed...which is about all that we can do...

 

[LSLS]

Latest reports say Chapek will continue to report to Iger in his new role. Very interesting.

Report from where?