Staggs resigns

[Andrew C]

NY Times carried an article yesterday on Stagg's departure....

http://www.nytimes.com/2016/04/08/b...-disney-as-it-purged-a-favorite-son.html?_r=0

Favorite quote from the article....

"Unlike the situation when Mr. Eisner left, Disney is by no means in crisis. The animation unit, film operations and theme parks, in particular, seem to be firing on all cylinders."

 

[lazyboy97o]

China welcomed the Disney dollars as an opportunity to further absorb more of America's wealth.
Nothing more!
Their internal struggles are legendary throughout Chinese history and continue up to this day.
Communism, as embraced by Mao, was a more efficient means of gaining total control of the huge land area and massive population than an Emperorship, which relied on loyality to an individual leader instead of an ideologically driven "Peoples Government".
For his successors to relinquish even a modicum of that control is absolutely unthinkable.
IMO the Shanghai situation is going to be a wake up call to many Western corporations that have similar interests in China.

Not seizing the park would result in more money.

Nobody in the Party has had the sort of control that Mao had and such singular control is still looked on with great suspicion. The destruction wrought by Mao is not ignored.

 

[UncleMike101]

Not seizing the park would result in more money.

Nobody in the Party has had the sort of control that Mao had and such singular control is still looked on with great suspicion. The destruction wrought by Mao is not ignored.

Time will tell if that remains the case.
I doubt that the people in China have a collective memory any longer than people in the US.

 

[Cesar R M]

Well at the rate Disney actually finishes projects he may need to stay on about 10 more years if he wants to oversee them to completion

or he can announce them.. claim its the best thing since sliced bread or the invent of the wheel.. then exit the company with a huge bonus.
just for the new CEO to find Shangai levels of mismanagement and projects way overbudget with little cash in hand.. all because Iger went overboard with the buybacks.

 

[CaptainAmerica]

or he can announce them.. claim its the best thing since sliced bread or the invent of the wheel.. then exit the company with a huge bonus.
just for the new CEO to find Shangai levels of mismanagement and projects way overbudget with little cash in hand.. all because Iger went overboard with the buybacks.

Iger isn't paid (mostly) in cash. He's paid in stock and stock options, making him a shareholder. Those options have vesting periods. He's not going to do anything that's going to nerf his asset base a year after he resigns.

 

[Cesar R M]

Right now I have no idea of what's going to happen, Not being an insider and limited to reading the tea leaves so to speak all I can say is expect a massive shoe to drop and what happens will be totally unexpected.

What's interesting about Staggs is the Chinese LIKED him, The Chinese despise Iger so his departure is even more strange than it appears on it's face. Remember the CCP kicked Iger out of the country a few months back, And now 'Zootopia' (in China 'Crazy Animal City') is being called a 'Anti-Chinese' propaganda film by the CCP. Something really bad is happening behind the scenes.

how the hell that is anti chinese propaganda? the CCP thinks they are the sheep?

 

[GhostHost1000]

or he can announce them.. claim its the best thing since sliced bread or the invent of the wheel.. then exit the company with a huge bonus.
just for the new CEO to find Shangai levels of mismanagement and projects way overbudget with little cash in hand.. all because Iger went overboard with the buybacks.

Ah see now you're thinking like upper management. Well played

 

[ford91exploder]

Not seizing the park would result in more money.

Nobody in the Party has had the sort of control that Mao had and such singular control is still looked on with great suspicion. The destruction wrought by Mao is not ignored.

But less control

 

[Cesar R M]

My point is that a Communist regime cannot allow any outside government, or business, to sully their idealistic mores by having influence over the "Peasant Masses".
As long as China is controlled by a Communist/Socialist regime the policies will continue to center around the Central Government and those who have control of it.
Stability will, in their minds, result from total control of the population.
The Tiananmen Square Incident as Chinese publications call it, was ruthlessly crushed, as will any similar upwelling demanding individual rights by their subjects.
The Chinese have had thousands of years to perfect the art of crushing their internal opposition and thinking that they have become softened by "Modern Society" is a dangerous assumption that some, possibly Disney, make at their own peril.

ironically, the similar protests were crushed worldwide. in Mexico its a very well known event.
And what they say its not something funny, because it was caused by involvement by both the USA and Russia.

Iger isn't paid (mostly) in cash. He's paid in stock and stock options, making him a shareholder. Those options have vesting periods. He's not going to do anything that's going to nerf his asset base a year after he resigns.

severance packages and gold parachutes are paid in stock and stock options too?
Because last time I seen, they are always paid in cold cash.
He could be selling his stock slowly as he is "preparing to leave".

 

[ford91exploder]

Iger isn't paid (mostly) in cash. He's paid in stock and stock options, making him a shareholder. Those options have vesting periods. He's not going to do anything that's going to nerf his asset base a year after he resigns.

But what's the vesting period in many cases C level options vest immediately instead of over years.

 

[lazyboy97o]

Time will tell if that remains the case.
I doubt that the people in China have a collective memory any longer than people in the US.

It's not an issue of collective memory. Party members don't benefit from random purges.

 

[CaptainAmerica]

But what's the vesting period in many cases C level options vest immediately instead of over years.

My guess would be staggered.

 

[rael ramone]

Thinking while I had to go out for a drive.

Jim Stewart - Disneywar author.

Jim Stewart - NY Times reporter...and coworker of Zenia's mouthpiece Brook Barnes...

Now I'm thinking.... some things in Jim's report don't necessarily conflict with @WDW1974 's reporting.

Staggs could have really asked about his future status. (IIRC Jim said this happened mid March).

Staggs could have really believed that there was only 1 board member that he needed to convince, since it was his belief that it was 'Igers board'.

Propaganda is easier to pass off if there are kernels of truth to it.

Doesn't mean he wasn't fired last Friday - for the reasons stated.

(And perhaps Zenia has become a master at subterfuge at getting the 'right' things leaked to the 'right' people...)

 

[rael ramone]

Question:

If Staggs was in charge of P&R when Bob Weis replaced Bruce Vaughn... how exactly does Staggs' departure affect Weis' future, if TWDC threw Staggs under the bus because of bad decision making such as... promoting Bob Weis?

Given the problems that SDL has endured for what seems forever, at least some of those problems need to be laid at Weis' feet. And just as we're all discussing the mad dash to complete the park on time -- and the distinct possibility that it wasn't going to happen -- Weis gets Vaughn's job.

Is it possible that Staggs promoted Weis to protect Bob's Disney derriere because Staggs knew what was coming down the pixie dust pipeline? Firing Bob now would look really vindictive and petty on TWDC's part. He should be good, at least for the time being. But it does make me wonder...

Good heavens! It's like the "21st Century Burbank Edition" of Downton Abbey.

It's been speculated that Bob Weis 'may know where the bodies are buried'.

Much more money has been expended there then was intended (or perhaps even predicted internally in a worst case scenario).
Money spent on what?....
Money spent on rebuilding buildings that weren't built correctly the first time around is embarrassing.
Money spent to grease the palms of Chinese officials is a felony under US law...

 

[asianway]

This EXACT scenario has been played out hundreds of times in China, With the Chinese 'partner' seizing the assets of the western minority owner generally on non-existant 'contract irregularities'. I know you do business over there as do I.

Chrysler and Audi learned the HARD way when Chery copied their designs and sold them as their own. For more examples

http://www.carscoops.com/2015/04/the-clones-of-shanghai-2015-pick-this.html

http://www.autoevolution.com/news/c...soulless-and-affordable-cars-45701-page2.html

Tell me how China benefits ripping of the IP of these carmakers, especially since the chinese parts fit the ORIGINALS so, They are working off either blueprints or really well reverse engineered cars.

With the trade situation as it is the US cannot do a DAMN thing to the Chinese so the CCP allows this to happen as it benefits the Chinese business community and tough noogies for the 'round eyed barbarian' who was too stupid to protect themselves.

All along this has been a technology transfer project as Chinese theme parks have generally failed so the Chinese want to know how to build a successful one. It's the design and the psychology of a theme park which the Chinese don't get. Now they have those skills.

And Fellowes and Baha Mar

 

[rael ramone]

severance packages and gold parachutes are paid in stock and stock options too?
Because last time I seen, they are always paid in cold cash.
He could be selling his stock slowly as he is "preparing to leave".

Depending on the person and the required holding period, being paid off in shares and paid off in cash could be one and the same...

I wonder if the Form 4's are going to be filed fast and furious...

 

[deWild]

I've picked out two things from reading these posts so far:

1. People feel Iger has brought attractions to the parks that will stand the test of time
2. People generally feel that Staggs's departure is a good thing

I guess the part I cannot figure out is why people are ripping Iger to shreds? I believe I understand why Staggs resigned - because he was not the right fit for CEO(said the BoD), so why stay on? But the other bits where people say Iger isn't creative, or that the executive management needs a shake-up - explain yourselves further, if you would. I have yet to see why Iger is so "bad".

 

[Goofyernmost]

I've picked out two things from reading these posts so far:

1. People feel Iger has brought attractions to the parks that will stand the test of time
2. People generally feel that Staggs's departure is a good thing

I guess the part I cannot figure out is why people are ripping Iger to shreds? I believe I understand why Staggs resigned - because he was not the right fit for CEO(said the BoD), so why stay on? But the other bits where people say Iger isn't creative, or that the executive management needs a shake-up - explain yourselves further, if you would. I have yet to see why Iger is so "bad".

It's simple really, many do not believe that how he has managed has been beneficial for the parks, specifically! It wouldn't matter if he walked on water (I'm not saying he does) if he ignores the parks, he is evil. Nothing else to say. They may be right, but, he is creating, for the moment, the best profit that they have ever made, so the BoD thinks he is cool.

 

[Mike S]

It's simple really, many do not believe that how he has managed has been beneficial for the parks, specifically! It wouldn't matter if he walked on water (I'm not saying he does) if he ignores the parks, he is evil. Nothing else to say. They may be right, but, he is creating, for the moment, the best profit that they have ever made, so the BoD thinks he is cool.

And you're surprised at this view point on Iger coming from a website focused on Walt Disney World? Might as well go to a Star Wars forum and ask why they criticize George for the prequels.

 

[Goofyernmost]

And you're surprised at this view point on Iger coming from a website focused on Walt Disney World?

Nope, I'm not surprised at all, however, it does make it a little biased doesn't it. When we are unable to recognize that TWDC is so much more then the parks, it is no legitimate way to judge his performance. It's just one part of it, albeit a big money making part. That unfortunate thing is that all that evil he has done in the parks has yet to show up in any loss of revenue. It may! I know that it has changed my plans about future visits, I'm not sure that the rest of the world feels that way about it. The big picture must be considered when judging his accomplishments vs. his mistakes. And what we think has no relevance. The BoD in conjunction with the stockholders are the only ones whose judgements count. So far as I can tell, he is still the golden boy. That makes the incompetent argument hard to convey with any authority.