Guess the shareholders didn’t like the thought that auger might mean less in their over-stuffed wallets. Just read auger’s departure is imminent and the search is already underway for his successor
I haven't seen anything posted officially by WDC (no fillings, news statements, etc) come out yet, so that may be speculation (or an embellished way of saying he won't pursue a contract extension). I can see that being interpreted a couple of ways, but if it is true that his departure is happening much sooner than expiration that can mean one of two things:
1) Bob finally realizes that many people see him as a con artist, whose greatest 'achievements' came about by buying other peoples IP and draining every ounce of life from them. While the stock price did increase for much of his tenure, so did the majority of the market, so the shareholders are happy argument holds little weight in our books. He also lost face with people when he 'resigned' at the start of the pandemic, knowing full well that things were going to get hit hard, and instead of leading WDC through the pandemic, he left "on top" to make it look like much of the issues were do to Chapek's leadership. I'm sure
@Sirwalterraleigh would agree, but his departure was mostly due to his cowardice (or arrogance), and was a weak attempt to save face so he could try and 'explore a run for president' without being associated with the economic hit. This action may be a similar action to address point #2 below.
2) The economic indicators are pointing to a market that can not sustain guest volumes in the parks, given the extreme pricing increases displayed over the last 10 or so years. While many people had more discretionary spending dollars in the last few years due to delayed or cancelled travel, much of that is likely spent now. To be frank, given the potential (or current) recession, Disney has priced themselves out of reality for the large majority of the population. Without an actual decrease in price (whether masked by 'sales' or not), there is a potential cliff of attendance which will result in reduced revenues/profits in the parks area(s). This might be masked somewhat by the recent company reorganization, but that is just a financial engineering trick to soften the blow...
The decrease in overall experience/value in the parks (probably well documented based on the forums here, but Disney has this data as well) is beginning to sting much harder. I've seen (and met) a fairly large number of very passionate fans (myself included) who have become burned out by the price-gouging actions. Not only have the prices increased, but the perceived value has also greatly decreased. The parks/hotel value has decreased due to a variety of reasons, some of which are:
- Parks are not as clean as they once were (paint issues, gum everywhere, etc.)
- Parks don't operate as smoothly as they had before (ride breakdowns increasing in frequency),
- The food variety has greatly decreased while price of the food has increased (qualify of food is in question as well)
- Parks have "Specially Ticketed Events" which often result in reduced normal operation hours, and participation in these events costs more than a day in the same park
It has been very frustrating to watch the brand quality erode, and I understand that many people don't have the same perception (i.e. the once every 10 years crowd). I'm willing to wager that if you ran the numbers (unaltered), Disney park revenues are largely driven by the loyalists (those of us who go more than once a year, every single year), and not the once in a lifetime family trip to a moderate or deluxe resorts crowd.
I hate it too.
