Bob Iger Steps Down as CEO, Chapek to Succeed Iger as CEO

[TrolleyTrouble2713]

So my partner and I are huge Disney fans and have travelled to WDW many times over the past 10 years, we live in the UK however so are not as ‘in the loop’ on the running of the parks etc.

In like simple balanced words, what are the biggest issues with Chapek replacing Iger? What is the most likely outcomes for Disney parks etc

It's hard to say while Iger is still in charge of "creative" but once it's officially Chapel's game:

- Massive slashes to operating budgets, meaning less upkeep and maintenance of the parks (lots of fading paint and more broken animatronics) and less and poorer training for cast members (look for the Batuuan Lingo and the First Order Cast Members on Rise to take a nosedive within a year)
- Wholesale layoffs of remaining live entertainment and union workers (no more Main Street Philharmonic, etc)
- Halt of any unannounced construction projects (no DL Tomorrowland overhaul, no Pixar expansion in HS, certainly no fifth gate in WDW)
- Curtailing of any announced construction projects (Epcot doesn't need to look like the concept art, it just needs to be finished as quickly and cheaply as possible).

 

[MommaBerd]

In light of other CEOs stepping down, maybe Disney decoded now was the time to make a change. It was yesterday’s big news, but today it’s all about Keith Block of Salesforce. A few days ago it was MasterCard and, it’s a stretch, but it wasn’t all that long ago that Nike’s CEO stepped down. The biggest difference is that Iger is staying on as Executive Chairman. I think that says something about where he stands (in a good place) with the company.

 

[TeresaWen]

Potter was not a new park. VB did make a dent and captured MS. A new CEO should have multiple plans ready and available to execute once the numbers/impact EU brings. If not, then that's not a CEO I want running my company.

I don’t want a leader that reacts. I want a leader that is pro active. Disney’s competition is not universal. It is everything on which that people spend discretionary dollars. EU could actually be good for Disney. It could get people to the area who might otherwise not travel to central Florida. Now how to get those people to give Disney a try?

 

[MikeNamez]

Most people like Iger don’t give up money and power like that unless a. Burned out and need a break b. Something better came along or c. Forced out.

I don’t think he was forced out. I think the theory of a VP run is very interesting.

And how do you know that... I'm assuming you have you been in the situation before?

 

[Alynw]

So my partner and I are huge Disney fans and have travelled to WDW many times over the past 10 years, we live in the UK however so are not as ‘in the loop’ on the running of the parks etc.

In like simple balanced words, what are the biggest issues with Chapek replacing Iger? What is the most likely outcomes for Disney parks etc

Just my opinion but the biggest issues I see with this change are very simple...Chapel is nothing more than a numbers guy and that's all hes going to worry about whereas with Iger, he was more of a creative guy, cared about the Imagineering.

 

[ChipnDale79]

Just about every where you look this move is being panned. It’s a little shocking to see the amount of backlash. I wonder if Disney expected that?

 

[csjordan]

New attraction announcement coming soon... Rise of the Accountants! It features paid boarding groups, in line bathrooms (cost a snack credit to use them), and no cast members to run the ride (everyone must swipe their credit card to begin the ride). Additionally it will only be in operation from 10:23 AM to 2:47 PM, Monday, Wednesday, and every fifth Tuesday... you know to keep cost down.

LOL!!

 

[Aurora0427]

And how do you know that... I'm assuming you have you been in the situation before?

I wrote this long explanation and then decided I don’t have to explain myself on a message board. Too much personal information! What I originally posted is pretty much common knowledge among anyone who has ever spent time with a Fortune 500 CEO anyway.

 

[Mattimation]

Just about every where you look this move is being panned. It’s a little shocking to see the amount of backlash. I wonder if Disney expected that?

Suddenly announcing your CEO is immediately stepping down and being replaced is shocking news, and considering how popular Iger has been I can’t imagine Disney expected much of a positive reaction. The sudden nature of his stepping down seems to be what is setting most people off, since Chapek did seem to be the obvious (though unpopular) choice. I’m sure the negative rhetoric and speculation is only just beginning. Hopefully we learn more concrete facts soon

 

[TraderSamWDW]

Unlike under Eisner or Iger, I don't see any growth coming out of Chapek -- he'll just overmilk the cows that Iger created for him (Marvel, Fox, Lucasfilm, Pixar) ..

My thoughts exactly. All he has done is moniterize things he inherited. Eisner and Iger had a vision and built on it.

 

[Brianstl]

So what were the other stories? I mean, if there were a few different stories that someone heard( and so on), why only share the one if it isn't even gospel?

Because he thought they were BS and they sounded like BS to me. For example, one had to do with the supposed whistle blower complaint to the SEC. Do you really think Disney would promote the guy who was running the division where all that stuff happened?

 

[rstevens333]

Disney doesn't need to worry about a fifth gate to compete - they have the biggest, most transformative project of all time nearing completion!

The walking bridge from the Grand Floridian to the Magic Kingdom.

 

[AvidDisReader]

Ok, so Chapek is in charge-do not like it but not my call or anyone else's on this forum. I just hope some of the other top people do not jump ship since they were all passed over. I still remember when Jeffrey Katzenberg felt he was passed over in the Eisner years and left the company. Hope the same does not happen with the likes of Kevin Mayer.

 

[buckeyeguy1]

With all of the past political rumors involving Iger, does anyone else think this could be a preparation for being a candidate for VP on a presidential ticket this year?

 

[Searc]

So my partner and I are huge Disney fans and have travelled to WDW many times over the past 10 years, we live in the UK however so are not as ‘in the loop’ on the running of the parks etc.

In like simple balanced words, what are the biggest issues with Chapek replacing Iger? What is the most likely outcomes for Disney parks etc

To get it down to the very basic nitty gritty, Chapek is a miser with money and expect that to be reflected in the parks.

 

[Spridell]

Dow is up 175 and Disney down almost 2.

But this was to be expected IMO

Lets see how the rest of the day goes

 

[OKW Lover]

Interesting.....the annual meeting of Disney shareholders is coming up in about two weeks.

Yes. Those of us who have stock still have time to vote. I just changed my vote from for to against each of the current board members. I have so few shares it probably won't even be noticed. But I did what I think is right.

 

[OKW Lover]

With all of the past political rumors involving Iger, does anyone else think this could be a preparation for being a candidate for VP on a presidential ticket this year?

No. If he were then he wouldn't take a position as Executive Director for 2 years

 

[OKW Lover]

I'm hoping it will eventually be Josh D'amaro. He just needs a few years in his new role as president of WDW, and he may be ready.

Love Josh. But Disney is more than just theme parks. He would need a much broader experience.

 

[Remy is Up]

It's hard to say while Iger is still in charge of "creative" but once it's officially Chapel's game:

- Massive slashes to operating budgets, meaning less upkeep and maintenance of the parks (lots of fading paint and more broken animatronics) and less and poorer training for cast members (look for the Batuuan Lingo and the First Order Cast Members on Rise to take a nosedive within a year)
- Wholesale layoffs of remaining live entertainment and union workers (no more Main Street Philharmonic, etc)
- Halt of any unannounced construction projects (no DL Tomorrowland overhaul, no Pixar expansion in HS, certainly no fifth gate in WDW)
- Curtailing of any announced construction projects (Epcot doesn't need to look like the concept art, it just needs to be finished as quickly and cheaply as possible).

Do you have information or facts to back up these assertions? Ive found that when a new CEO takes over a company, Similar to all the noise we heard when Eisner stepped in, When Iger stepped in, its easy to overreact and assume. Better to sit back and watch over time rather than make assumptions you could look foolish for pronouncing without any facts.
The old adage sometimes its best to keep quiet and let people assume you are stupid than to open your mouth and prove them right.

Time will tell on any new CEO and it makes more sense to let it play out and things happen before passing judgement. Im neither a fan nor a non fan of Chapek. I am however a stockholder and from chats with people more in tune with the inner workings of the Disney business model, they do not expect all the disaster so many passers by are expecting. The reaction I was able to gather from the majority who do have knowledge is they actually expect the parks to be more of a focus now that Iger has created the war chest of money from the studios side. And that the person to hold people accountable with all of that money is Chapek. We shall see. But IM certainly not going to make statements of certainty about something I have no clue on. And neither should others. If you go in expecting it to be bad, regardless of how good it is, youll always say its bad. Try being in the middle and wait and see.