News Chapek FIRED, Iger New CEO

[MisterPenguin]

Or let’s really dream big…Elon gets tired playing the Twitter dog and pony show, says the hell with it and puts together a group to buy TWDC…somehow I don’t think he would keep Chapek until 2025…

Elon then backs out when he finds out how utterly infeasible it would be to move Disneyland out of California, which is the whole reason why he wanted to buy Disney in the first place.

 

[CaptinEO]

I agree with you…

But it really accelerated with the Bobs

The world has changed…but you need to have creatives near or at the top and they haven’t for 18 years. No matter how nuts someone goes…I’ll take a creative nut anytime.

Definitely a huge decline once Chapek was head of Parks. We have chase a baby coaster, Mission Breakout, and no entertainment/restaurant Galaxy's Edge from him.

That being said, replacing Chapek with another Disney employee or anyone else the board wanted wouldn't yield drastically different results.

 

[bryanfze55]

It’s gone into overdrive with Chapek though, Iger didn’t invest as much into the parks as he should have but Chapek seems to have decided he’s not going to invest a penny into the parks (I don’t think he’s announced a single project yet, or even the return of cancelled projects) and instead his sole focus is taking away former benefits and squeezing every penny out of the guests he possibly can.

I’d rate Eisner/Wells a 8 out of 10, Iger a 6 out of 10, and Chapek a 3 out of 10. Neither Bob has been great but one has been much much worse.

I can’t recall for sure if he “green lit” the “project,” but I do recall Chapek looking eerily happy when Inside Out Emotional Whirlwind opened at Disneyland…

“Everyone, I know we just opened Galaxy’s Edge across the esplanade, but seriously just get a load of these spinning balloons! We moved them all the way over here from A Bugs Land. Think of all the Bing Bongs and Angry wieners we’ll sell.”

 

[brb1006]

News -



Here is the statement from Susan Arnold via CNBC -

“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” said Susan Arnold, chairman of the board, in a statement Tuesday. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.”

Disney extends CEO Bob Chapek's contract by three years

Disney has extended CEO Bob Chapek's contract for three more years, the company announced Tuesday.

www.cnbc.com

The next 3 years is going to be a very interesting era for the Disney Community (especially the Disney Parks side).

 

[GhostHost1000]

While the buck stops at chapek, Disney seriously needs a massive cleaning in management across the board…for many reasons

 

[Lilofan]

They follow it because it keeps working.

Reduce expenses, increase profits is business 101 - cost cutting. Disney is not the only player in this game. I've been told directed etc to make this happen on a regular basis.

 

[harryk]

While I usually do not cast a vote when they come in the mail. This time I'll vote to remove the entire management team when I receive the proxy ballot.

 

[CaptainAmerica]

You mean bring in worse people?

It’s the worst it’s ever been now

There are three people that need to go. Two are Iger's, one is Chapek's.

 

[Lilofan]

You mean bring in worse people?

It’s the worst it’s ever been now

Certainly Chapek has made missteps but by " bringing in worse people", one can look , or not to the Disney Board who unanimously extended his contract for another 3 years and BTW promoted him to the top job a few years ago.

 

[rk03221]

It’s gone into overdrive with Chapek though, Iger didn’t invest as much into the parks as he should have but Chapek seems to have decided he’s not going to invest a penny into the parks (I don’t think he’s announced a single project yet, or even the return of cancelled projects) and instead his sole focus is taking away former benefits and squeezing every penny out of the guests he possibly can.

I’d rate Eisner/Wells a 8 out of 10, Iger a 6 out of 10, and Chapek a 3 out of 10. Neither Bob has been great but one has been much much worse.

That’s just not true. Iger invested so much into the parks. He fixed DCA, built New Fantasyland, Galaxies Edge, toy story land, Pandora, Fastpass+, Radiator Springs, and completely okayed to rebuild Epcot and Disney Springs. That’s not even all of it. He’s done amazing things for the parks

 

[JoeCamel]

That’s just not true. Iger invested so much into the parks. He fixed DCA, built New Fantasyland, Galaxies Edge, toy story land, Pandora, Fastpass+, Radiator Springs, and completely okayed to rebuild Epcot and Disney Springs. That’s not even all of it. He’s done amazing things for the parks

10 years too late.......

 

[GimpYancIent]

While the buck stops at chapek, Disney seriously needs a massive cleaning in management across the board…for many reasons

Absolutely!

 

[Sirwalterraleigh]

There are three people that need to go. Two are Iger's, one is Chapek's.

Replaced with whom?

 

[Sirwalterraleigh]

Certainly Chapek has made missteps but by " bringing in worse people", one can look , or not to the Disney Board who unanimously extended his contract for another 3 years and BTW promoted him to the top job a few years ago.

Right…but we’ve established that was not the right choice and the board failed yesterday

So give Nero his fiddle and let it burn then?

 

[Sirwalterraleigh]

Of course they care about the long game... Why do you think Disney+ exists? You think Chapek is spending 33 billion on new content to make a quick buck?

Right…you mean one of those streaming services (still in infancy) that each company has claimed would be easy bank…but become cost heavy and a headache?

 

[Lilofan]

Right…but we’ve established that was not the right choice and the board failed yesterday

So give Nero his fiddle and let it burn then?

How to get a new board of directors - term limits?, vote out by shareholders ? Not sure how this can ever happen.

 

[Anteater]

I think it's pretty clear that the way Marvel has managed to get away with what i thas is by transforming movies into extended long-form entertainment.

Nobody goes into a Marvel movie any more expecting it to be a completely self-contained story. We know they aren't finishing off these movies and then months or years later, trying to figure out how to make sequels. Heck, the new ones starting out with new characters and stories usually end with a reassurance we will be seeing more of these characters in the future.

They've essentially cracked a formula that interconnects everything without it really working like a traditional sequel.

For better or worse, that's what's given them staying power. It's what nobody else (including Lucas Films, DC and Sony) seems to fully grasp.

It's almost like a new form of entertainment that's some hybrid of traditional movies and serial television.

Good insight. Thanks! Kinda like the old westerns in the theatres back in the 50's. The innovation here is cycling in the new characters while the old ones are still relevant. Oh, and people care about the new characters -- good and evil ones. The movie where they all turned into black flakes kinda jumped the shark for me, though. Good for Marvel that others are still watching.

 

[Sirwalterraleigh]

How to get a new board of directors - term limits?, vote out by shareholders ? Not sure how this can ever happen.

All of this is highly unlikely - but “possible” paths:

1. Stock continues to crash…to at least the $50 range (that is actually the most plausible thing here on the list)
2.chapek is relieved and an outside search committee is formed.
3. Arnold steps down/resigns. She proved to not be effective yesterday. The Iger people have to go too and she’s at the top of that list as well.
4. New brain trust brought in…ideally a team of 1 techie and one Hollywood person on the rise.
5. Short of that…proxy fight or another staged unsolicited buyout attempt to start a proxy fight (Roy’s old trick)


Problem is they have no bigwig shareholders now: nobody that can rally the troops. In short: nobody named “Roy Disney”


Sad…this is the Bobs legacy…I hope Iger rots in retirement as a forgotten for it. His job was to find a successor and he failed.

 

[CaptainAmerica]

Replaced with whom?

The people and positions I have in mind don't require replacement, I want them eliminated.

 

[Phicinfan]

Absolutely. It’s a tactic at best…not a guarantee

Actually it had to be 3 years, if they only renewed him for one, even two, it is a sign to Wall Street they don't have long term faith and the stock drops even more. What will be interesting to watch the next few months AS the stock continues to drop, is who else gets fired by Chapek....and were they really a contender to replace him