I can only say I would have LOVED to have been a fly on the wall when Chapek go the news. I would also LOVE to know what MAJOR thing happened to have precipitated this - HAD to have been MAJOR - to be so summarily dismissed, just MONTHS after a 3-year extension was announced, and before his current contract was even up this coming Feb, and announced on a Sunday night at like 10 p.m. Eastern? I don't even know if we'll ever even know what really happened, but MAN - I'd LOVE to. Yes - I'm into salacious facts, in this case - don't @ me!!!
I can also say that, from the little I do know about Josh D'Amaroi, I hope they'll start grooming him during the 2 years that Iger's now in. Pete always says Josh needs studio/movie immersion - let's hope this will be happening now. The man definitely has a stage presence, and a magnetic and "human" personality, and the CM's and fans seem to love him. Kind of reminds me of Walt a bit. Plus, I think he's good eye candy.
I know a lot of things might never go away, like outrageous price hikes, park reservations, and
Genie+, but if they could just bring that sense of joy, wonder, and magic back, that would give me SOME hope - both as a fan, and a stockholder. They need to change the optics, and how they make people FEEL, especially your "legacy fans". (Yeah, that would be me, holding on to the small shreds of love I have left, but they're quickly dwindling).
Just my thoughts, however misguided and optimistic they may be.
https://www.ft.com/content/a9277a18-18f6-42ea-a1fb-7e762120846a
Financial Times - London
Disney executives staged revolt against ousted chief Bob Chapek
Rebellion by senior staff hastened reinstatement of predecessor Bob lger
Anna Nicolaou and
James Fontanella-Khan in New York and
Alex Barker in London
Senior Walt Disney executives led a rebellion against chief executive Bob Chapek in recent weeks, which resulted in his ousting and replacement with predecessor Bob Iger, according to people familiar with the matter.
The covert campaign to overthrow
Chap ek, which began in the summer, came after the outgoing chief executive lost the confidence of some members of his top team during a tumultuous 33 months at the helm of the media empire.
“A lot of people were approaching the board, Iger loyalists who felt marginalized,” said one person with knowledge of the talks.
Shares in
Walt Disney rallied by as much as 10 per cent on Monday as investors wagered that Iger, one of America’s most celebrated media executives, could lift morale and boost returns at the company’s costly streaming unit. The company’s stock price remained up more than 5 per cent in early afternoon trading in New York.
Susan Arnold, chair of Disney’s board, contacted Ig
er a few months ago seeking advice on how to fix the problems at the company, said two of the people. “[The board] were clueless about what to do,” one person added.
Shortly after those talks, Disney executives began approaching the board to express concerns about Chapek’s leadership. Christine McCarthy, chief financial officer, was among the executives who complained, three of the people said. Disney declined to comment.
The final straw was Disney’s bruising earnings release on November 8, during which Chapek reported that the company’s streaming business had lost $1.5bn during the most recent quarter. Three days later, Chapek announced job cuts, telling staff in an email: “We are going to have to make tough and uncomfortable decisions.”
Iger, who ran Disney for 15 years before leaving in 2021, stunned Hollywood on Sunday night by agreeing to replace Chapek. Iger had handpicked Chapek as his successor after he won plaudits for his management of Disney’s theme parks division.
The changes at the top come after the company’s stock had fallen by nearly 40 per cent this year as Disney and others spent heavily to compete in streaming, a business that has been costly and less profitable than cable television or cinema.
Relations between the “two Bobs” quickly soured as Iger bristled over Chapek’s handling of Disney’s creative output and his management shake-up, which introduced more centralised decision making and empowered Chapek’s allies.
The decision to reinstate Iger, brokered by Arnold, came less than six months after Disney renewed Chapek’s contract for a further three years, quelling speculation of a potential exit. 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.
Iger, 71, has agreed to stay on for two years to help steady the ship and choose another successor.
Iger, who delayed his retirement four times before finally leaving the company, said in a memo to staff on Sunday that he felt “a bit of amazement” that he was returning to the company.
As recession fears grow, investors have become increasingly concerned about the high costs of streaming, weighing on the valuations of all major US entertainment companies this year.
MoffettNathanson analysts expect Iger to “re-examine” Disney’s streaming strategy.
Steven Cahall, a Wells Fargo analyst, said: “While the announcement doesn’t solve all of Disney’s problems, we think investors will embrace it as it puts perhaps the best leader in media at the helm with a mandate to shake things up.”
