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Disney Ousts CEO Bob Chapek, Rehires Bob Iger to Guide Company Through ‘Complex Period’

Disney Ousts CEO Bob Chapek, Rehires Bob Iger to Guide Company Through ‘Complex Period’

“The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period.”

The Disney board of directors ousted CEO Bob Chapek on Sunday night. The directors replaced him with former CEO Robert Iger, who left the company less than a year ago.

Disney extended Chapek’s contract for three years in June. At the time, the company praised Chapek: “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.”

That all changed in five months. From The Wall Street Journal:

“The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period,” said Susan Arnold, chairman of Disney’s board, in a statement.

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” she added.

Now Disney owes Chapek millions since it the company gave him a contract extension.

Iger expanded Disney during his time as CEO, acquiring 21st Century Fox, Lucasfilm, Marvel, and Pixar.

Iger also took charge of launching Disney+.

Chapek saw Florida Gov. Ron DeSantis sign a bill ending Disney’s special tax status. Disney complained about DeSantis’s parental rights bill restricting sexual education instruction in grades K-3. Then videos emerged of Disney workers talking about a literal gay agenda to inject into children’s programming.

Desantis said: “You’re a corporation based in Burbank, California, and you’re gonna marshal your economic might to attack the parents of my state. We view that as a provocation, and we’re going to fight back against that.”

Disney has also been in a freefall:

This month, the company reported weaker-than-expected fourth quarter financial results, killing the momentum built up over a strong year that saw record revenue and profits in multiple divisions, especially the one that includes theme parks. Disney’s theme-park business has recovered strongly since the coronavirus pandemic shut down its venues across the world, but the division continues to subsidize widening losses in the streaming video business.

Mr. Chapek has said repeatedly that he expects the streaming business to be profitable by September 2024. In the most recent quarter, though, it lost $1.47 billion, more than twice the year-earlier loss.

The company also cautioned that its profitability target would only be met if there wasn’t a significant economic downturn, the first time it has added such a caveat. Disney’s stock price shot up 9% to more than $100 a share in premarket trading early Monday. Some observers said the management change might benefit the company’s stock.

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Comments


 
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The Gentle Grizzly | November 21, 2022 at 1:06 pm

An Iger sanction?


 
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henrybowman | November 21, 2022 at 1:35 pm

“Now Disney owes Chapek millions since it the company gave him a contract extension.”
Get woke…


 
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UnCivilServant | November 21, 2022 at 1:45 pm

How about somebody who didn’t tank the company and undermine the efforts of his successor to get back into the office?


 
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SeiteiSouther | November 21, 2022 at 1:53 pm

This is the equivalent of pouring water on a grease fire. Instead of the perpetuator of crap, you have the architect of crap running the company again.


     
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    gonzotx in reply to SeiteiSouther. | November 21, 2022 at 9:49 pm

    YES!

    From ACE, who did his due diligence

    An update on Bob Iger: I completely forgot that when Bob Chapek first resisted calls to oppose Ron DeSantis’ Parental Rights in Education Bill — “Don’t Say Gay,” as the leftwing propaganda trans-extremist media called it — Bob Iger decided to go on to CNN+ and trash him.

    Bob Chapek, Iger’s successor, initially opted not to speak out against the controversial law. But corporate executives should voice their opinions about ethical dilemmas, Iger recently told CNN+ host Chris Wallace.
    “A lot of these issues are not necessarily political,” Iger told CNN+ host Chris Wallace. “It’s about right and wrong. So, I happen to feel and I tweeted an opinion about the ‘Don’t Say Gay’ bill in Florida. To me, it wasn’t about politics. It is about what is right and what is wrong, and that just seemed wrong. It seemed potentially harmful to kids.”

    That is, of course, the doctrinaire leftwing position, and leftwing corporatist media position: We’re not taking a political position, because this isn’t political. It’s just about right and wrong, and Republicans are just wrong.

    We’re not politically biased, because none of the 600 strong political positions we’re taking on-air are political positions at all, they’re just ethical humane positions of goodness. There is no opposing position worth crediting as a “position” at all. The opposing position is not a political position; it’s just evil.

    And that’s how they claim they’re not actually politically biased — by employing a definition of “political” that literally dehumanizes their opponents.

    I had also forgotten about this: Chapek was gearing up to lay off workers Disney to return the company to profitability.

    Critical Drinker speculates that the workers that were to be targeted would have been like those targeted at Twitter and Facebook — the leftwing DEI/Diversity Fluff Nonsense workers.

    And just like that, the leftwing Diversity-or-Die savoir Bob Iger comes storming in to tell Disney, You can’t do that!

    I bet there won’t be layoffs now.


 
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Colonel Travis | November 21, 2022 at 2:22 pm

Meet the new Bob. Same as the old Bob. And the other old Bob.


 
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Whitewall | November 21, 2022 at 2:52 pm

Disney lawyers are sure good with the ‘boiler plate’ lingo. Florida will watch him like a hawk because you never turn your back on the Left. In this case, because a defeated army once beaten should always be pursued.

This is very weird. You don’t extend the contract of your CEO and then just up and fire him barely 5 months later – or if the board thought that was a possibility, they would have rewritten the contract to significantly lower the termination penalties they’d have to pay.

By all appearances just a mere 5 months ago they were perfectly content with Chapek.

This feels to me like he got caught with his pants down or something along those lines.


     
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    The_Mew_Cat in reply to Olinser. | November 21, 2022 at 3:50 pm

    You fire the CEO when he is losing the company money. There must be something really nasty coming in the next quarterly report.


       
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      daniel_ream in reply to The_Mew_Cat. | November 21, 2022 at 5:08 pm

      Given the timing, I wonder if the box office numbers for Wakanda Forever maybe aren’t quite what we’ve been told.


       
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      JohnSmith100 in reply to The_Mew_Cat. | November 21, 2022 at 10:59 pm

      I agree about the firing. The thing is that I got rid of everything Disney, I did not sell it or give it away, I incinerated it.

      I have a bunch of 40’s, 50’s and 60’s kids shows, the same stuff my father and I watched as kids. Today 2 of my grandchildren were with me. and we watched old cartoons and shows. They loved them and I love that they do not have any politically correct crap. I even have the shows of both white and black children having fun doing stupid kids’ stuff. The kids have zero racism, it is just funny to them. It is amazing how it takes special eyeglasses to see racism in these things.


     
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    BierceAmbrose in reply to Olinser. | November 21, 2022 at 4:58 pm

    “You don’t extend the contract of your CEO and then just up and fire him barely 5 months later…”

    The Disney board has been demonstrating for a while that they have been more lucky than good or a while. See the slow=rolling soap opera of the demise of HP.


       
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      Dimsdale in reply to BierceAmbrose. | November 22, 2022 at 7:35 am

      You can only overcome so many bad judgement decisions.


         
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        BierceAmbrose in reply to Dimsdale. | November 22, 2022 at 1:16 pm

        Yeah. You can only extract so much free surplus from a system you didn’t create, and don’t maintain. If you don’t tend the flocks, eventually it collapses.

        Was explaining to a client just last month. “Why do I want to do anything different — we’re doing fine?” “It’s brittle having one offer. And you’ll get caught and lapped. Even it you don’t, every technology-based offer becomes a commodity eventually.”

Iger is the one that caused these problems by pandering to those who wished to inject identity politics into the franchises. Under his guidance they destroyed Star Wars, the MCU and a bunch of other IPs.

This shit, like the Star Wars trilogy, The Eternals, the 10-Rings, Black Widow, Thor Love & Thunder all started and failed under Iger.


 
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TheOldZombie | November 21, 2022 at 4:29 pm

Stupid move.

Iger is the one who wrecked Disney. Chapek was called on to clean up the mess but the board, being full of woke garbage, kept stopping him. The board is the reason Kathleen Kennedy still has a job at Disney destroying Star Wars and now Indiana Jones.

Now they bring the Iger back? The guy who hired all the woke nuts into the company and than rammed the company into the proverbial iceberg?

The board members are idiots. Woke idiots. Disney was already spiraling out of control and with Iger back that spiral is going to get much faster.


 
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BierceAmbrose | November 21, 2022 at 4:59 pm

“Complex” as in you may get yelled at if you do things that make money?

Disney says, “Things used to be much simpler, but now they are complex. Therefore we are bringing back someone who has experience handling things when they were simpler. We didn’t realize things were complex until yesterday, otherwise we wouldn’t have extended Chapek’s contract. Now we owe him millions.”

The media (especially here in Florida) kept telling the world that Disney would triumph and we the residents and taxpayers of Florida would pay. I guess the Board of Directors did not get that memo.

The free fall will continue. They have proactively declared war on the values of a lot of Americans. The rubes aren’t buying their media garbage.

Their plan is to raise prices at the parks. The parks aren’t THAT great and the generational glitz of taking your kid there being mandatory is coming to an end.

My generation recalls the theme park as the greatest place on the planet. Well that’s from when the rest of the planet wasn’t all that fun. We went in the 70s and then again in the 80s. I’m an older parent and we paid full retail for the experience because of my memories there. We took our kid for her 5th birthday and could give two figs about going again.

Disney is from a time before Corn Mazes brough just as many family memories and when video games sucked, animated content was a precious commodity.

Silverwood Idaho is just as much fun for us for a fraction of the price.


     
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    JohnSmith100 in reply to Andy. | November 21, 2022 at 11:08 pm

    “My generation recalls the theme park as the greatest place on the planet.”

    That I recall was standing in line for an hour or again and again, that was 30 years ago, and I never took my children there again. It was far too expensive and unreasonable to pay by the day and spend most of the day in lines.


     
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    SeiteiSouther in reply to Andy. | November 23, 2022 at 10:45 am

    Also Dollywood. Loved my vacation with the family there.

Iger started the mess at Disney and ABC but it got worse. I doubt it will be fixed. What these fools show us is that they push Globalism/WEF on us with Biden and we lose our economy, have increased crime, massive invasion from the south, we have CRT/grooming/trans pushed on us, and media lies to us. The Globalist/WEF are now learning that us little people are the ones that keep them happy in their mansions. They can try to steal what we have and produce but at some point it will become a war.

Always big praise for the losers.
—————
June 26, 2022
Story headline read in ForbesWomen – “The First Female CEO of Revlon is Driving The Iconic Brand to a Modern Makeover
————
June 16,2022
Story headline in CNN business – “Revlon Files for Bankruptcy”.

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