News Chapek FIRED, Iger New CEO

Sirwalterraleigh

Sirwalterraleigh

Premium Member
Disone said:
Wait what..... Plot twist....

www.cnbc.com

Disney blindsided Chapek with CEO decision after reaching out to Iger on Friday

Disney's board reached out Bob Iger on Friday over concerns about the company's soft earnings report this month.
www.cnbc.com www.cnbc.com

  • Senior Disney leadership, including CFO Christine McCarthy, had concerns with Chapek's management of the company.

Christine McCarthy is part of the rebellion? Wow.
Click to expand...
When the coup happens…you change Sides or head for the gulag

I’m gonna say this…and let’s not rehash it forever…but Bob Iger made this decision.
It wasn’t subtle

No plot twist at all
 
L

Lilofan

Well-Known Member
Disone said:
Wait what..... Plot twist....

www.cnbc.com

Disney blindsided Chapek with CEO decision after reaching out to Iger on Friday

Disney's board reached out Bob Iger on Friday over concerns about the company's soft earnings report this month.
www.cnbc.com www.cnbc.com

  • Senior Disney leadership, including CFO Christine McCarthy, had concerns with Chapek's management of the company.

Christine McCarthy is part of the rebellion? Wow.
Click to expand...
CFO Christine has some issues even guest related such as suggesting smaller food portions that would be good for guests waistlines.
 
JohnD

JohnD

Well-Known Member
The Bobs are popular today.

1669065314432.png
 
MisterPenguin

MisterPenguin

President of Animal Kingdom
Premium Member
Lilofan said:
CFO Christine has some issues even guest related such as suggesting smaller food portions that would be good for guests waistlines.
Click to expand...
Some guest related issues:

1. Bad joke about waistlines.

2. ?

3. ?

Could you fill me in on what the other guest related issues are?
 
Disstevefan1

Disstevefan1

Well-Known Member
Disney Glimpses said:
Park reservations, park hopping restrictions, lightning lane access. A significant amount of logistics is being burdened onto guests. I believe that will change.
Click to expand...
It would be nice to get rid of PPRs. It seems they have collected enough data to be able to execute their variable pricing on everything now.
 
Disone

Disone

Well-Known Member
Sirwalterraleigh said:
When the coup happens…you change Sides or head for the gulag

I’m gonna say this…and let’s not rehash it forever…but Bob Iger made this decision.
It wasn’t subtle

No plot twist at all
Click to expand...
Hummmm maybe. I'm surprised that Christine is openly opposing Chapek I thought she was one of his biggest advocates.
 
Disone

Disone

Well-Known Member
Sirwalterraleigh said:
Remember that the chairman of the board…which Iger sits on…was appointed to that board by Iger…
And chapek didn’t get a seat.

Connect the dots.
Click to expand...
Yay we get your point. Iger is the masterful evil doer here.

Meanwhile, cast everywhere at the Walt Disney World resort are smiling, more sincere smiles then they have in years.

Instant cast morale booster.

Seems silly to leave for 11 months only to then mastermind a plan to come back when really if Iger didn't want to leave in the first place he would have been more than welcome to stay by the board of directors. It was Iger that insisted on his own retiring, not the board of directors.

The dots may be there, it doesn't mean they should be connected.
 
Jrb1979

Jrb1979

Well-Known Member
Disone said:
Yay we get your point. Iger is the masterful evil doer here.

Meanwhile, cast everywhere at the Walt Disney World resort are smiling, more sincere smiles and they have in years. Instant cast morale booster.

Seems silly to leave for 11 months only to then mastermind a plan to come back when really. If you didn't want to leave in the first place you would have been more than welcome to stay by the board of directors. It was Iger that insisted on his own retiring, not the board of directors.

The dots may be there, it doesn't mean they should be connected.
Click to expand...
I disagree. Chapek came into do the dirty work. Late Chapek take the bad and Iger comes into be the hero
 
JustInTime

JustInTime

Well-Known Member
Disone said:
Wait what..... Plot twist....

www.cnbc.com

Disney blindsided Chapek with CEO decision after reaching out to Iger on Friday

Disney's board reached out Bob Iger on Friday over concerns about the company's soft earnings report this month.
www.cnbc.com www.cnbc.com

  • Senior Disney leadership, including CFO Christine McCarthy, had concerns with Chapek's management of the company.

Christine McCarthy is part of the rebellion? Wow.
Click to expand...
He was definitely doing something outside of
the earnings report they weren’t happy with. I would love to have heard that call to Iger. He was a definitely-not-returning-home kind of guy. So I would love to know the one thing that swayed him to come back.
 
Sirwalterraleigh

Sirwalterraleigh

Premium Member
Disone said:
Yay we get your point. Iger is the masterful evil doer here.

Meanwhile, cast everywhere at the Walt Disney World resort are smiling, more sincere smiles then they have in years.

Instant cast morale booster.

Seems silly to leave for 11 months only to then mastermind a plan to come back when really if Iger didn't want to leave in the first place he would have been more than welcome to stay by the board of directors. It was Iger that insisted on his own retiring, not the board of directors.

The dots may be there, it doesn't mean they should be connected.
Click to expand...
My point was Iger was behind this…

They will doth protest too much…but this isn’t that hard.

Now let’s see what it means?
 
A

ArmoredRodent

Well-Known Member
MisterPenguin said:
One has to admire the discipline of the BoD. They have an excellent collective poker face. "He has our full confidence. We re-upped his contract."

"And we fired him, byeeee."
Click to expand...
Stock up 6.4% on Monday.

Business Insider (paywall), which has a fairly good (though inconsistent) record, has a good summary of recent events: https://www.businessinsider.com/ins...er-ouster-chapek-executive-complaints-2022-11.
Highlights: events unfolded rapidly, after months of senior creative and business management told the Board they would leave the company. The trigger was the combination of the $1.5 billion loss, the announcement of layoffs, and the ongoing bad press.

Wall Street Journal (paywall) also has the same message:
Behind the surprise change in leadership at Walt Disney Co. DIS 6.30% increase; green up pointing triangle on Sunday was festering discontent among investors and top executives including chief financial officer Christine McCarthy, who in recent weeks had expressed to directors her lack of confidence in chief executive Bob Chapek, according to people familiar with the matter.

Disney executives and investors had been complaining for months to the prior CEO, Robert Iger, about the direction of the company under Mr. Chapek, according to people familiar with the matter. Mr. Iger advised some of these executives to take their concerns to the company’s board, some people familiar with the matter said."

So the bad public vibes were a factor, but not the only factor.

The REAL question is whether Disney will now dump at least some of the clueless Board. The whole "bring in people who know nothing" has not done well in recent years. The Disney Board has long been subject to "informational capture" by management. It's a common problem. If you really want to know why, see Kobi Kastiel and Yaron Nili, “Captured Boards: The Rise of ‘Super Directors’ and the Case for a Board Suite,” Harvard Law School Forum on Corporate Governance and Financial Regulation, June 28, 2017, https://corpgov.law.harvard.edu/201...per-directors-and-the-case-for-a-board-suite/

So the solution of bringing in a good successor is not the only question to be answered in the next two years. The other question, equally or more important, is whether Iger, who brought in many of the Directors who failed, can bring in new Directors who will do their job in the future.
 

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