clarker99
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5 months ago… lol. Maybe the board needs to ‘resign’ as well.
DIS Shareholders and Stock Info ONLY
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Jwaire
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Wouldn't surprise me to see many of them go. However, changes will come in the C-Suite first.
First move, Kareem Daniel is out.
Wait six months then next move, goodbye Christine McCarthy.
wabbott
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wabbott
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https://fortune.com/2022/11/21/disney-ceo-bob-chapek-exit-pay-likely-to-hit-23-million/
November 21, 2022 at 4:52 AM CST
Bob Chapek leaves Walt Disney Co.’s top job with exit payments and benefits that could be worth more than $23 million. That’s without including the millions more he could collect in the coming years if the company’s share price recovers.
The amount is based on calculations by Bloomberg News using disclosures from regulatory filings. Disney hasn’t yet publicly disclosed the financial terms of the chief executive officer’s departure, and a representative didn’t respond to a request for comment sent outside normal business hours.
Chapek’s contract entitles him to collect a salary for the full duration of his term, even if he’s ousted prematurely. His term was recently extended to mid-2025, and the paychecks between now and then add up to roughly $6.5 million.
He’s also entitled to the pension he’s accumulated over his decades-long career at Disney. As of October 2021, filings show it stood at $16.9 million. That money is his, regardless of the circumstances of his departure.
As for the rest: he probably will get more, but it’s unclear just how much.
He holds a trove of Disney stock options, though most of them are underwater. If he had exercised his in-the-money securities and immediately sold the shares at Friday’s U.S. market close, he would have collected around $3.5 million.
He also holds stock awards he received in prior years that haven’t yet vested. Some of them will likely continue to vest even though he’s no longer at Disney. How much they’ll be worth — and how many securities he’ll receive — will depend on the shares’ trajectory after they plunged 41% this year. If they pick back up, both the stock and the options will swell in value.
Finally, Chapek has a so-called non-qualified deferred compensation plan, which is akin to a super-sized 401(k) that many large companies set up for high-earning employees. It usually lets them invest some of their earnings into a selection of equity and bond funds. Around a year ago, Chapek had about $8.5 million in his plan, a figure that has likely changed given the recent market volatility.
For now, hardly any of this is etched in stone. It’s not uncommon for boards to strike bespoke exit agreements with CEOs, especially in contentious situations where they are cutting the person’s contract short. And if a board concludes that a CEO broke company policy or didn’t fulfill the commitments of the employment agreement, it may decline to pay the person at all. (Disney’s statement announcing Chapek’s departure and the reinstatement of his predecessor, Bob Iger, didn’t provide reasons for the switch.)
While Chapek’s payout by most measures is a generous one, it’s far from the rich entitlements that some chiefs in the entertainment industry have enjoyed in the past. When Chapek took over as CEO in 2020, the board set his target pay in the bottom quartile for media chiefs. The move followed years of controversy over Disney’s executive compensation, where everyone from shareholders to lawmakers and a Disney family heir had derided Iger’s pay.
Don’t feel too bad for ousted Disney CEO Bob Chapek—his exit pay is likely to hit $23 million
BY Anders Melin and BloombergNovember 21, 2022 at 4:52 AM CST
Bob Chapek leaves Walt Disney Co.’s top job with exit payments and benefits that could be worth more than $23 million. That’s without including the millions more he could collect in the coming years if the company’s share price recovers.
The amount is based on calculations by Bloomberg News using disclosures from regulatory filings. Disney hasn’t yet publicly disclosed the financial terms of the chief executive officer’s departure, and a representative didn’t respond to a request for comment sent outside normal business hours.
Chapek’s contract entitles him to collect a salary for the full duration of his term, even if he’s ousted prematurely. His term was recently extended to mid-2025, and the paychecks between now and then add up to roughly $6.5 million.
He’s also entitled to the pension he’s accumulated over his decades-long career at Disney. As of October 2021, filings show it stood at $16.9 million. That money is his, regardless of the circumstances of his departure.
As for the rest: he probably will get more, but it’s unclear just how much.
He holds a trove of Disney stock options, though most of them are underwater. If he had exercised his in-the-money securities and immediately sold the shares at Friday’s U.S. market close, he would have collected around $3.5 million.
He also holds stock awards he received in prior years that haven’t yet vested. Some of them will likely continue to vest even though he’s no longer at Disney. How much they’ll be worth — and how many securities he’ll receive — will depend on the shares’ trajectory after they plunged 41% this year. If they pick back up, both the stock and the options will swell in value.
Finally, Chapek has a so-called non-qualified deferred compensation plan, which is akin to a super-sized 401(k) that many large companies set up for high-earning employees. It usually lets them invest some of their earnings into a selection of equity and bond funds. Around a year ago, Chapek had about $8.5 million in his plan, a figure that has likely changed given the recent market volatility.
For now, hardly any of this is etched in stone. It’s not uncommon for boards to strike bespoke exit agreements with CEOs, especially in contentious situations where they are cutting the person’s contract short. And if a board concludes that a CEO broke company policy or didn’t fulfill the commitments of the employment agreement, it may decline to pay the person at all. (Disney’s statement announcing Chapek’s departure and the reinstatement of his predecessor, Bob Iger, didn’t provide reasons for the switch.)
While Chapek’s payout by most measures is a generous one, it’s far from the rich entitlements that some chiefs in the entertainment industry have enjoyed in the past. When Chapek took over as CEO in 2020, the board set his target pay in the bottom quartile for media chiefs. The move followed years of controversy over Disney’s executive compensation, where everyone from shareholders to lawmakers and a Disney family heir had derided Iger’s pay.
wabbott
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https://variety.com/2022/tv/news/disney-stock-rises-bob-iger-ceo-replaces-chapek-1235438600/
Nov 21, 2022 3:16am PT
Disney Stock Pops on Bob Iger’s Return as CEO
by Todd Spangler
Disney investors rallied behind Bob Iger’s reinstallation as the chief executive of the Magic Kingdom, with the company’s shares climbing nearly 9% in premarket trading Monday.
On Sunday, Disney’s board made the surprise announcement that Iger, who previously led the company as CEO from 2005-25, would return for a two-year term. Iger replaces Bob Chapek, who was ousted after a series of missteps at the media conglom during his tenure.
The “magic is back,” MoffettNathanson analyst Michael Nathanson wrote in a note Monday upgrading Disney’s stock from “market perform” to “outperform” and setting a $120/share 12-month price target.
"We applaud Disney’s board for the courage to make this change,” Nathanson wrote. “We have never hidden our affection for Mr. Iger and the job that he did in building Disney into the global powerhouse that it has become.” The financial analyst noted that the firm has not recommended buying Disney shares since May 2020 “for multiple reasons, including concern that the former CEO Bob Chapek had become wedded to a streaming strategy that did not make sense given today’s reality.”
Earlier this month, Disney’s stock price was battered after the media conglomerate missed Wall Street expectations for the September quarter and revealed that direct-to-streaming losses and linear TV cord-cutting declines for fiscal year 2023 would be higher than expected.
On Nov. 7, Disney shares tumbled to their lowest level in more than two years, closing at $86.75/share. That was the lowest closing price for Disney shares since March 20, 2020, amid the dramatic market sell-off at the outset of the COVID pandemic. As of Friday, the stock had fallen 41% year to date.
In bringing Iger back as CEO, the Disney board said it had given the exec a mandate “to set the strategic direction for renewed growth and to work closely with the board in developing a successor to lead the company at the completion of his term.”
“I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO,” Iger said in a statement.
As Disney’s CEO for 15 years, Iger led the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the company’s market capitalization fivefold. Iger had headed Disney’s creative endeavors until his departure as executive chairman in December 2021, and “the company’s robust pipeline of content is a testament to his leadership and vision,” the board said.
Early in Iger’s run as chief exec, Disney’s film division had suffered large losses after “releasing expensive general entertainment that flopped,” which he turned around after acquiring Marvel, Lucasfilm and Pixar, Nathanson wrote in his note. “We would hope and expect that Mr. Iger examines the investment plans at Disney+ and refocuses their investment on areas of franchise strength and away from broader general entertainment content,” the analyst opined. In other words, Nathanson wrote, “Disney+ — and Disney’s shareholders — could probably do better with fewer end-state subscribers made up of superfans willing to pay high [revenue per subscriber], which would generate much higher margins.”
In addition, given continuing sharp declines in the pay-TV ecosystem, Nathanson expects Iger to enact “deep cost-cutting at ESPN, which should include a review of all the upcoming sports rights in order to more adroitly adapt to these new times.”
Nov 21, 2022 3:16am PT
Disney Stock Pops on Bob Iger’s Return as CEO
by Todd Spangler
Disney investors rallied behind Bob Iger’s reinstallation as the chief executive of the Magic Kingdom, with the company’s shares climbing nearly 9% in premarket trading Monday.
On Sunday, Disney’s board made the surprise announcement that Iger, who previously led the company as CEO from 2005-25, would return for a two-year term. Iger replaces Bob Chapek, who was ousted after a series of missteps at the media conglom during his tenure.
The “magic is back,” MoffettNathanson analyst Michael Nathanson wrote in a note Monday upgrading Disney’s stock from “market perform” to “outperform” and setting a $120/share 12-month price target.
"We applaud Disney’s board for the courage to make this change,” Nathanson wrote. “We have never hidden our affection for Mr. Iger and the job that he did in building Disney into the global powerhouse that it has become.” The financial analyst noted that the firm has not recommended buying Disney shares since May 2020 “for multiple reasons, including concern that the former CEO Bob Chapek had become wedded to a streaming strategy that did not make sense given today’s reality.”
Earlier this month, Disney’s stock price was battered after the media conglomerate missed Wall Street expectations for the September quarter and revealed that direct-to-streaming losses and linear TV cord-cutting declines for fiscal year 2023 would be higher than expected.
On Nov. 7, Disney shares tumbled to their lowest level in more than two years, closing at $86.75/share. That was the lowest closing price for Disney shares since March 20, 2020, amid the dramatic market sell-off at the outset of the COVID pandemic. As of Friday, the stock had fallen 41% year to date.
In bringing Iger back as CEO, the Disney board said it had given the exec a mandate “to set the strategic direction for renewed growth and to work closely with the board in developing a successor to lead the company at the completion of his term.”
“I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO,” Iger said in a statement.
As Disney’s CEO for 15 years, Iger led the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the company’s market capitalization fivefold. Iger had headed Disney’s creative endeavors until his departure as executive chairman in December 2021, and “the company’s robust pipeline of content is a testament to his leadership and vision,” the board said.
Early in Iger’s run as chief exec, Disney’s film division had suffered large losses after “releasing expensive general entertainment that flopped,” which he turned around after acquiring Marvel, Lucasfilm and Pixar, Nathanson wrote in his note. “We would hope and expect that Mr. Iger examines the investment plans at Disney+ and refocuses their investment on areas of franchise strength and away from broader general entertainment content,” the analyst opined. In other words, Nathanson wrote, “Disney+ — and Disney’s shareholders — could probably do better with fewer end-state subscribers made up of superfans willing to pay high [revenue per subscriber], which would generate much higher margins.”
In addition, given continuing sharp declines in the pay-TV ecosystem, Nathanson expects Iger to enact “deep cost-cutting at ESPN, which should include a review of all the upcoming sports rights in order to more adroitly adapt to these new times.”
DeeBee3
I'm not grumpy; you're too happy.
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See, I was wondering if stock would move in the positive direction or not...It seems on the outside it would, but I don't think Iger can just "magically" turn around all the negatives Disney corp has created over the last year/18 months. They would need to do a lot of stuff, but it would cost them money.
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It will be interesting to see what personnel moves Iger makes. Will Christine be gone? If so, I'd love to see him move Josh to that position. It would round out Josh's experience to make him a good candidate for the top job in two years.
wabbott
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https://thedirect.com/article/disney-fired-ceo-why-bob-chapek
Why Disney Fired CEO Bob Chapek, Revealed by New Report
By Richard Nebens Posted: November 21, 2022
Disney recently decided to bring Bob Iger back as the company's CEO to replace Bob Chapek to the surprise of many throughout Hollywood, and a new report has now indicated why that decision was made.
Disney fans were shocked to learn that the company made such a sudden move from a management perspective, rehiring Bob Iger as the studio's head executive as 2022 comes to a close. Iger previously held the position for 15 years before stepping down from the role in 2020, opening the door for Bob Chapek to take over the job from February 2020 until November 2022.
Chapek's run as Disney's top executive had been anything but smooth - he even heard a massive round of boos during his last public appearance at the 2022 D23 Fan Expo. Even considering that the global pandemic truly hit the world hard only weeks after his tenure started, some of his decisions left fans confused, concerned, and even angry at where Disney was going with its future.
Now, following the news of the CEO position switching hands so dramatically, a new report shares some of the reasoning for why things happened in that fashion.
New information as to why Disney decided to replace Bob Chapek with Bob Iger has come to light via The Hollywood Reporter.
Disney's board of executives had been torn on Chapek staying in his position "for the past several months." However, the final decision to force out Chapek was reportedly made within the last week. And with the change happening so quickly, the report noted that very few people knew about Iger replacing Chapek "even at the highest levels."
The deciding factor for Disney to oust Chapek was his weak performance during the company's most recent quarterly earnings call earlier in November 2022. Chapek touched upon the necessity for cost-saving measures during the call but only outlined what these plans would be later that week. The then-CEO proposed plans such as a hiring freeze and layoffs.
Matthew Belloni of Puck corroborated these reports, saying that Chapek's handling of the call and its aftermath was the biggest factor in his removal, rather than the company's low earnings themselves.
Chapek's tone-deaf mentioning of Disneyland's Oogie Boogie Bash in the face of a $1.5 billion loss in streaming wasn't just what left the board concerned, but it was Chapek's actions after the call (and after the company subsequently suffered a 13% stock drop) that contributed to the decision.
Disney's HR department was also not informed that Chapek would be announcing layoffs, which reportedly also raised "alarm bells" internally.
While Bob Chapek never had the easiest run with Disney thanks to the COVID-19 pandemic hitting home less than a month after he took over the job, his decisions for the company haven't been the most popular ones.
This started coming to light with the conflict between him and MCU star Scarlett Johansson over the release of Black Widow, which led Johansson to sue the company over a breach of contract due to the movie being released on Disney+ alongside its theatrical run. And while that debacle was eventually settled for a huge sum of money, Chapek continued to struggle with his employees, investors, and fans alike over the months that followed.
Chapek also found himself in hot water after Disney suffered backlash from its response to the controversial "Don't Say Gay" bill passed in Florida, largely due to Chapek remaining silent on the matter while other major Disney executives openly opposed the measures.
In the end, it appeared that Chapek's position was in jeopardy for much longer than most fans thought, even with this decision to replace him seemingly coming out of thin air and despite the recent renewal of his contract.
Now, as Iger returns to a job in which he found a great deal of success over the 21st century, all eyes will be on Disney as the company tries to rework its future and find its way back into fans' good graces. With Iger having more intimate knowledge of the company's workings overall, whereas Chapek was previously more focused on Disney's parks before assuming the CEO role, hopefully, the company will be on stronger footing moving forward.
Why Disney Fired CEO Bob Chapek, Revealed by New Report
By Richard Nebens Posted: November 21, 2022
Disney recently decided to bring Bob Iger back as the company's CEO to replace Bob Chapek to the surprise of many throughout Hollywood, and a new report has now indicated why that decision was made.
Disney fans were shocked to learn that the company made such a sudden move from a management perspective, rehiring Bob Iger as the studio's head executive as 2022 comes to a close. Iger previously held the position for 15 years before stepping down from the role in 2020, opening the door for Bob Chapek to take over the job from February 2020 until November 2022.
Chapek's run as Disney's top executive had been anything but smooth - he even heard a massive round of boos during his last public appearance at the 2022 D23 Fan Expo. Even considering that the global pandemic truly hit the world hard only weeks after his tenure started, some of his decisions left fans confused, concerned, and even angry at where Disney was going with its future.
Now, following the news of the CEO position switching hands so dramatically, a new report shares some of the reasoning for why things happened in that fashion.
New information as to why Disney decided to replace Bob Chapek with Bob Iger has come to light via The Hollywood Reporter.
Disney's board of executives had been torn on Chapek staying in his position "for the past several months." However, the final decision to force out Chapek was reportedly made within the last week. And with the change happening so quickly, the report noted that very few people knew about Iger replacing Chapek "even at the highest levels."
The deciding factor for Disney to oust Chapek was his weak performance during the company's most recent quarterly earnings call earlier in November 2022. Chapek touched upon the necessity for cost-saving measures during the call but only outlined what these plans would be later that week. The then-CEO proposed plans such as a hiring freeze and layoffs.
Matthew Belloni of Puck corroborated these reports, saying that Chapek's handling of the call and its aftermath was the biggest factor in his removal, rather than the company's low earnings themselves.
Chapek's tone-deaf mentioning of Disneyland's Oogie Boogie Bash in the face of a $1.5 billion loss in streaming wasn't just what left the board concerned, but it was Chapek's actions after the call (and after the company subsequently suffered a 13% stock drop) that contributed to the decision.
Disney's HR department was also not informed that Chapek would be announcing layoffs, which reportedly also raised "alarm bells" internally.
While Bob Chapek never had the easiest run with Disney thanks to the COVID-19 pandemic hitting home less than a month after he took over the job, his decisions for the company haven't been the most popular ones.
This started coming to light with the conflict between him and MCU star Scarlett Johansson over the release of Black Widow, which led Johansson to sue the company over a breach of contract due to the movie being released on Disney+ alongside its theatrical run. And while that debacle was eventually settled for a huge sum of money, Chapek continued to struggle with his employees, investors, and fans alike over the months that followed.
Chapek also found himself in hot water after Disney suffered backlash from its response to the controversial "Don't Say Gay" bill passed in Florida, largely due to Chapek remaining silent on the matter while other major Disney executives openly opposed the measures.
In the end, it appeared that Chapek's position was in jeopardy for much longer than most fans thought, even with this decision to replace him seemingly coming out of thin air and despite the recent renewal of his contract.
Now, as Iger returns to a job in which he found a great deal of success over the 21st century, all eyes will be on Disney as the company tries to rework its future and find its way back into fans' good graces. With Iger having more intimate knowledge of the company's workings overall, whereas Chapek was previously more focused on Disney's parks before assuming the CEO role, hopefully, the company will be on stronger footing moving forward.
Jwaire
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Usually that job is reserved for executives in accounting/banking/regulatory, not consumer facing. If they're serious about Josh D'Amaro, they'll move him to the studios.
Well, this was a shocker when I saw the Seeking Alpha notification pop up last night.
But I just went back to an article or two from April into the summer and this exact scenario was predicted by more than a few. The re-upping of 2.0's contract a few months ago really confusing me, though. I guess we will have to wait for the book - Disney Wars Part II or maybe "Disney Wars-the Bobs". James Stewart said he was thinking of writing it on CNBC this morning.
But I just went back to an article or two from April into the summer and this exact scenario was predicted by more than a few. The re-upping of 2.0's contract a few months ago really confusing me, though. I guess we will have to wait for the book - Disney Wars Part II or maybe "Disney Wars-the Bobs". James Stewart said he was thinking of writing it on CNBC this morning.
wabbott
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So far, this is the most detailed inside dope that I've found on how it went down. Shades of Eisner/Ovitz.
https://www.hollywoodreporter.com/business/business-news/bob-iger-disney-return-1235266950/
Bob Iger Returns as Hero in Waiting to Save a Battered Disney
The reinstatement — which shocked top insiders — marks a triumphant comeback for the once-again CEO, who made little secret of his disappointment with chosen successor Bob Chapek.
By Kim Masters, Alex Weprin
November 20, 2022 9:55pm
While top executives Dana Walden and Craig Erwich were expecting to spend their Sunday evening enjoying the AMAs followed by the Elton John farewell concert at Dodger Stadium, the stunning news that Bob Iger was returning as CEO of Disney while Bob Chapek was out shot through Hollywood like a thunderbolt (both Walden and Erwich tellingly disappeared from the AMAs just before a company-wide email went out to Disney employees). Insiders say few even at the highest levels knew the announcement was coming.
It was an ultimate triumph for Iger, though of course he inherits the same vexing problems plaguing all legacy media companies as their longtime revenue sources dwindle and the shift to streaming continues to be a money-loser while doing increasingly little to charm Wall Street.
One industry source says the Disney board had been divided over keeping Chapek in place for the past several months. His performance on the most recent earnings call earlier this month, according to this account, was the deciding factor. While Chapek alluded to the need for cost-savings during the call, it wasn’t until later that week that he outlined dramatic plans to cut costs, including a hiring freeze and likely layoffs.
Sources believe the deal to bring Iger back came together quickly — in the past week. While many questions remain, it seems certain that Iger will unwind the reorganization that Chapek put in place, which effectively moved the power of the purse from Iger’s creative executive team to Chapek’s trusted lieutenant, Kareem Daniel. Board Chairman Susan Arnold noted in a statement that Iger “is greatly admired by Disney employees worldwide…which will allow for a seamless transition of leadership.”
The Hollywood Reporter has reached out to both Iger and Chapek for comment.
It is fair to say that Chapek never won that broad admiration. Though a longtime Disney exec, he was not known to the broader entertainment community. Early missteps — including a messy public conflict with Scarlett Johansson over compensation and a public refusal to denounce Florida’s “Don’t Say Gay” law that was quickly reversed after a staff outcry — did not inspire trust. While Iger didn’t comment publicly on Chapek, he made some of his views known — such as when he tweeted his own opposition to the Florida law while Chapek was still trying to avoid taking a position.
In the past quarter, Disney missed analyst expectations for revenue by more than $1 billion, and also missed on earnings per share (EPS). The company also disclosed significantly larger than expected losses of $1.5 billion in its direct-to-consumer business, more than double the losses from the year prior. Chapek and CFO Christine McCarthy (an Iger holdover) told analysts that they expected the segment to swing to profitability beginning in fiscal 2024.
While Disney+ continued to add subscribers at a staggering rate, topping Wall Street predictions, average revenue per user (ARPU) continued to shrink, as consumers bought into the less lucrative bundled options.
And while Disney’s parks and consumer products businesses remain strong — Chapek said the parks business had its best year ever — the extent to which those profits were driven by price increases and upsells like Genie+ have alienated some fans and alarmed some analysts who fear that the company could be making its parks less accessible to middle-class families, which could hurt the company down the line.
It was clear even before Iger departed the premises at the end of December 2021 that he was disenchanted with the choice of Chapek to take the reins as CEO. But in June, the board renewed Chapek’s deal. It was a qualified endorsement, however, as he was extended for two years but was not given a new three-year contract.
In his last formal appearance before the Disney board and top executives, Iger had given a rousing speech about the importance of creativity that many within the company interpreted as a slam at Chapek. “In a world and business that is awash with data, it is tempting to use data to answer all of our questions, including creative questions,” he said. “I urge all of you not to do that.” If Disney had relied too heavily on data, he noted, the company might never have made big, breakthrough movies like Black Panther, Coco and Shang-Chi and the Legend of the Ten Rings.
Chapek’s last email to all employees on Nov. 11 was about the creation of a “cost structure task force” — comprising himself, McCarthy and General Counsel Horacio Gutierrez — that would “make the critical big picture decisions necessary to achieve our objectives,” including potential layoffs and a “rigorous review” of the company’s content spending. It is not yet clear what will happen to those plans.
In an interview on stage at the Paley Center for Media in New York on Nov. 9, in what would be his last public appearance as CEO, Chapek went off about balancing respect for the past with a desire to find the future. “If we only rigidly adhere to that old model, we know what’s going to happen, right? You become extinct,” Chapek said. “And so our challenge inside Disney is always trying to respect the past, keep as much of the past as you can. But when the consumer is telling you, it’s time to move on to something new and fresh, you have to take that cue.”
Additional reporting by Lacey Rose
wabbott
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https://www.businessinsider.com/dis...ut-returning-days-before-announcement-2022-11
Disney first approached Bob Iger about returning as CEO just days ago
Grace Kay and Claire Atkinson
11/21/2022
Disney's decision to bring back Bob Iger as CEO came together in a matter of days.
Iger agreed to return as CEO for two years after a top executive at Disney reached out to see if he would be interested in reprising the role, a senior Disney employee told Insider's Claire Atkinson. The executive then shared Iger's response with The Walt Disney Company's board, which agreed to a leadership change, said the exec, speaking anonymously as they were discussing internal company matters.
The board reached out to Iger on Friday, CNBC reported — just three days before the company announced that the former executive would immediately replace Bob Chapek as CEO. Iger, who served as Disney's CEO from 2005 to 2020, had told the New York Times earlier this year that he had no interest in returning.
"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," Susan Arnold, Disney board chairman, said in the company's press release.
Over the past few months, several high level Disney executives told the board they were considering leaving under Chapek's leadership, the Disney exec told Insider.
As a result, the board came to the conclusion that Chapek wasn't fit for the role of CEO, the insider said.
Disney first approached Bob Iger about returning as CEO just days ago
Grace Kay and Claire Atkinson
11/21/2022
- Disney's plan to bring back Bob Iger as CEO came together in only a few days, a senior employee said.
- A top executive reached out to Iger about returning as CEO and the board agreed to the change.
- Several executives had expressed frustration with Bob Chapek's leadership over the past few months.
Disney's decision to bring back Bob Iger as CEO came together in a matter of days.
Iger agreed to return as CEO for two years after a top executive at Disney reached out to see if he would be interested in reprising the role, a senior Disney employee told Insider's Claire Atkinson. The executive then shared Iger's response with The Walt Disney Company's board, which agreed to a leadership change, said the exec, speaking anonymously as they were discussing internal company matters.
The board reached out to Iger on Friday, CNBC reported — just three days before the company announced that the former executive would immediately replace Bob Chapek as CEO. Iger, who served as Disney's CEO from 2005 to 2020, had told the New York Times earlier this year that he had no interest in returning.
"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," Susan Arnold, Disney board chairman, said in the company's press release.
Over the past few months, several high level Disney executives told the board they were considering leaving under Chapek's leadership, the Disney exec told Insider.
As a result, the board came to the conclusion that Chapek wasn't fit for the role of CEO, the insider said.
fatmanatee
DIS Veteran
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The story of streaming stocks over the last five years is just really goofy. Netflix was hot, all that mattered was user growth, but it was inevitable that growth was going to slow down at one point (particularly with Netflix’s predilection towards canceling programs that subscribers liked), and now all of a sudden you’re hearing way more talk on how these services need to be making money. Chapek was following the trends, pushing feature films to streaming, killing morale in the studios along the way, and where are we now? Stock price is lower than it was when they first announced D+.
Jwaire
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So, who is the top executive? It has to be a creative as they're the most irreplaceable.
Alan Bergman (Studio Chairman)? Possibly.
Kevin Feige (Marvel)? My best guess because he is seen as irreplaceable and Marvel makes the $$$.
Kathleen Kennedy (Lucasfilm)? Seen as on the verge of retirement.
Pete Doctor (Pixar)? Possibly with the way Pixar has been treated under Chapek, but does he have enough clout?
Jennifer Lee (Walt Disney Animation)? Doubt it.
wabbott
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Everyone wants "automatic money." Everyone. Streaming was the Next Big Thing. Easy to do - just sign up customers and the dollars roll in. In the real world it don't work that way. If it's easy to do, there's no money in it. I learned that rule doing industrial/construction sales and estimating for 20 years.
Think of it this way. How many $8/month D+ subscribers do you have to sign up to replace a family of four that drops $5 thousand to $6 thousand twice a year at WDW or DLR/DCA?
wabbott
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I agree. I was surprised at the contract renewal so far in advance of its expiration in February 2023. Evidently, tho, there was a significant number of board members that were ready for a change all along. It will be interesting to see who they were and their reasoning.
For those of us old enough to have lived and invested through it, this was the exact same thing that happened with the .COM stocks of the early 2000's - just needed a good idea, eyeballs, and a catchy web address and your stock was off to the races, then everyone realized you need a path to profitability and the .com bust arrives. And actually, I bet the current streaming bust was just as bad (Netflix was down what, 80% at it's nadir), it's just that it was contained to a small number of companies.
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