Disney executives staged revolt against Chapek

[LovePop]

Senior Walt Disney executives led a rebellion against chief executive Bob Chapek in recent weeks.
The covert campaign to overthrow Chapek began in the summer.
“A lot of people were approaching the board, Iger loyalists who felt marginalised.”
Disney executives began approaching the board a few months ago to express concerns about Chapek’s leadership. Christine McCarthy, chief financial officer, was among the executives who complained.
“[The board] were clueless about what to do.”
Chapek reported the company’s streaming business had lost $1.5bn during the most recent quarter. Three days later, Chapek announced job cuts.
People close to Chapek said he became aware of the moves against him some weeks ago but was caught off guard by the speed of events.
The abrupt dismissal will entitle Chapek to a significant payout. Under his old contract, at the end of 2021 he was entitled to an estimated $54mn in cash and stock in the event of early termination. The company has not published the full details of his most recent contract.

Walt Disney executives staged revolt against ousted chief Bob Chapek

Rebellion by senior staff hastened reinstatement of predecessor Bob Iger

www.ft.com

 

[Indy_UK]

I’m surprised about Christine McCarthy. It’s the wrong choice for Iger to keep her around as I think she’s a snake who saw the writing on the wall and is trying to save herself

 

[Vegas Disney Fan]

I wonder if Chapek still wanted to keep the job?

He’s had a rough 3 years, some his fault, some out of his control, but rough either way.

If I were in his position I’d have been praying to get fired, get my golden parachute, and sail off into retirement.

 

[MrPromey]

I wonder if Chapek still wanted to keep the job?

He’s had a rough 3 years, some his fault, some out of his control, but rough either way.

If I were in his position I’d have been praying to get fired, get my golden parachute, and sail off into retirement.

A lot of people were going irrationally hate him either way.*

This way he gets to sleep in every day that ends in "y" without consequence.

I know what I'd choose.

*not a fan - think he's done really bad things for the company and absoutely for fans of the company. He was a horrible pick for parks and a horrible pick for CEO but I don't hate the man the way a lot of others who don't know him personally either, seem to.

 

[John park hopper]

You do a bad job and walk away with 54 million -------only in America

 

[eliza61nyc]

You do a bad job and walk away with 54 million -------only in America

That's the first thing that came to my mind also. I need a gig like that

 

[GimpYancIent]

You do a bad job and walk away with 54 million -------only in America

Hey! What's the tax rate on that? Maybe it's not quite 54 large.

 

[MaximumEd]

That's the first thing that came to my mind also. I need a gig like that

SEC football coach comes to mind.

 

[eliza61nyc]

SEC football coach comes to mind.

lol but at least a coach has to be on the field once a week.

 

[Chef Mickey]

I’m surprised about Christine McCarthy. It’s the wrong choice for Iger to keep her around as I think she’s a snake who saw the writing on the wall and is trying to save herself

She's also terrible and I believe deserves to be fired too. She likely turned against Chapek as a means to distance herself from the ire of the board and to be seen as one of the "good guys."

The fact she gets to stick around with costs utterly out of control is asinine. She's done a terrible job too.

 

[Skibum1970]

She's also terrible and I believe deserves to be fired too. She likely turned against Chapek as a means to distance herself from the ire of the board and to be seen as one of the "good guys."

The fact she gets to stick around with costs utterly out of control is asinine. She's done a terrible job too.

At the very least, she needs a new picture. The one WDWMagic uses makes her look like she has crazy eyes or is plotting my demise. Which maybe she is plotting the demise of my savings account.

 

[MarvelCharacterNerd]

I wonder if Chapek still wanted to keep the job?

He’s had a rough 3 years, some his fault, some out of his control, but rough either way.

If I were in his position I’d have been praying to get fired, get my golden parachute, and sail off into retirement.

You don't get to be in that high profile of a job without wanting it badly.

And no matter how much money he gets, he's still always gonna be the guy who got fired by the guy who gave him the job because he failed at it.

Money would soothe the average person just fine. Not someone at that level of "accomplishment", such as it is.

Kareem's ego will no doubt be bruised as well, but I expect him to land on his feet a lot faster than Chapek and he's young enough to still have a long career ahead of him. Chapek not so much. (Not saying he's old, but he's not a young guy mid-career either.)

 

[mkt]

Senior Walt Disney executives led a rebellion against chief executive Bob Chapek in recent weeks.
The covert campaign to overthrow Chapek began in the summer.
“A lot of people were approaching the board, Iger loyalists who felt marginalised.”
Disney executives began approaching the board a few months ago to express concerns about Chapek’s leadership. Christine McCarthy, chief financial officer, was among the executives who complained.
“[The board] were clueless about what to do.”
Chapek reported the company’s streaming business had lost $1.5bn during the most recent quarter. Three days later, Chapek announced job cuts.
People close to Chapek said he became aware of the moves against him some weeks ago but was caught off guard by the speed of events.
The abrupt dismissal will entitle Chapek to a significant payout. Under his old contract, at the end of 2021 he was entitled to an estimated $54mn in cash and stock in the event of early termination. The company has not published the full details of his most recent contract.

Walt Disney executives staged revolt against ousted chief Bob Chapek

Rebellion by senior staff hastened reinstatement of predecessor Bob Iger

www.ft.com

Here's a paywall bypass link

archive.ph

 

[Skibum1970]

You don't get to be in that high profile of a job without wanting it badly.

And no matter how much money he gets, he's still always gonna be the guy who got fired by the guy who gave him the job because he failed at it.

Money would soothe the average person just fine. Not someone at that level of "accomplishment", such as it is.

Kareem's ego will no doubt be bruised as well, but I expect him to land on his feet a lot faster than Chapek and he's young enough to still have a long career ahead of him. Chapek not so much. (Not saying he's old, but he's not a young guy mid-career either.)

Many top-level management think this way. They either don't think that it was their fault or they use some reasoning to explain how it couldn't be helped. They will then focus on getting another top job so that they rub it in the noses of the doubters. I saw a CEO who was in his upper 50's and received $50M after the company was bought. He was right back at work as CEO of another company whereas, in my mind, I would have happily retired with my millions somewhere sunny and warm.

I would venture that Chapek will argue that he was put in a position to fail, that he had no chance to make things work, and will probably blame Iger for everything. He won't question whether or not he was the right person for that particular job but will self-justify.

 

[SteamboatJoe]

We are Revolting! We are Revolting!

 

[Figments Friend]

Chapek has always been revolting.

Wait....was that the topic..?
Who's revolting, right...?



-

 

[Lilofan]

You don't get to be in that high profile of a job without wanting it badly.

And no matter how much money he gets, he's still always gonna be the guy who got fired by the guy who gave him the job because he failed at it.

Money would soothe the average person just fine. Not someone at that level of "accomplishment", such as it is.

Kareem's ego will no doubt be bruised as well, but I expect him to land on his feet a lot faster than Chapek and he's young enough to still have a long career ahead of him. Chapek not so much. (Not saying he's old, but he's not a young guy mid-career either.)

Chapek is walking away with a $20M plus severance package. If he sells his $12.5M mansion he bought last year that's even more in the bank.

 

[Zummi Gummi]

At the very least, she needs a new picture. The one WDWMagic uses makes her look like she has crazy eyes or is plotting my demise. Which maybe she is plotting the demise of my savings account.

You mean Lady Elaine Fairchilde?

 

[TrainsOfDisney]

What did Chapek actually want to accomplish? A Pat on the back from the board of directors?

He was literally hated by Disney fans and Disney managers and employees.

 

[The Colonel]

Revolting? They're disgusting!