Disney Shocker! Bob Iger Back As CEO, Bob Chapek Out

  1. Not even a friday night, but a sunday night news dump too. Utterly undignified for Chapek. Really wanna hear the full story of how this played out.

  2. Disney’s board of directors announced a three-year contract extension on June 28th of this year for Bob Chapeck, saying the decision was “unanimous.” The new contract began July 1 and runs into 2025. The board had previously said that Chapek “and his leadership team have the support and confidence of the Board,” in the wake of Chapek’s decision to oust general entertainment chief Peter Rice and elevate Dana Walden to the top content role.

  3. There was probably some behind the scenes orchestration between Iger and the board to maneuver himself back in. Because if the board had went to Iger first, he could've said no, my time is done, give Chapek a chance. The fact that he immediately took the offer leads me to believe he had a say in the re-appointment.

  4. Definitely bought out the rest of his contract. Unless there were some stock performance stipulations, which were fulfilled by the recent downturn.

  5. Wow. Pretty big news. Things must really not be going well if they're canning Chapek this soon into his tenure.

  6. I'm wondering if this goes beyond business. I think it's unusual for news like this to break on a Sunday night. Normally stuff like this comes out on a Friday. Makes me wonder if they're trying to get in front of some kind of scandal

  7. It’s wasn’t good. The rank and file cast members hated him. He changed the attendance policy and our PTO for the worst where he’s getting a lawsuit for it. He pissed off liberals for supporting the Don’t say gay bill and donating to the Florida Republicans. He pissed off conservatives by waffling on it. Then he announced cuts for the rank and file. Then he pissed off shareholders because Desantis ended the special district status in retaliation which means Disney has to pay billions in property taxes because Disney World. Disney + is also losing money. He pissed off talent at Pixar and Marvel, Scarlet Johansson. The parks themselves have been mixed at best. Attractions are deteriorating and need a fresh coat of paint and he does nothing. Prices get higher Fastpass now Genie plus is something you have to pay and the reservation system for the parks is flawed. I’m happy to see Chapek go. Iger wasn’t perfect but he was a decent steward that knew how to acquire and shmooze with talent.

  8. I just hope Iger doesn’t pressure LucasArts to rush more Star Wars films again. He wanted the Sequels ASAP and he wanted them out every 2 years instead of 3 and a spin-off in between. Rushing a trilogy to quickly make back the $4billion they spent wasn’t the best move

  9. I mean chapek has been gutting and sabotaging Disney since he was put in place essentially undoing a lot of the work Iger did who left Disney in great condition pre pandemic.

  10. The Nov 8th earnings call was a disaster. The day after the stock lost 15% of value. This on top of the terrible year in value. Disregarding that it's been bad to everyone, but DIS has lost 50% of value since March 2021. Yeah, that's not going well.

  11. The board gave Chapek a 3 year extension not even 6 months ago. Did the stock price really spook then that much or is it something else? He’s a had a really bumpy start since becoming CEO but the board always backed him. What changed?

  12. Particularly after just renewing his contract to be CEO. Very sudden and makes one think there is a lot happening behind the scenes

  13. It might not just be about how they’re doing, it might be about the whole economic climate. Bon got them through the last big recession, the 2008 crash, another big one’s coming.

  14. Their stock has plummeted this year and he said he was going to start some really unpopular cuts soon. He was already on thin ice with the board before the stock drop so they wanted to get him out and get someone respected to get the company back to their old earnings. The guy was a bean counter without vision basically his entire career there.

  15. There's nobody inside Disney right now who is ready to take over Iger in two years. They're going to have to look outside but even that is hard because there are only two or three people in this world who have experience running a company with movies, TV, streaming, and theme parks.

  16. I was on a Facebook post one time and someone said "They should get Michael Eisner's son to be CEO, I worked with him on a movie one time and he's a nice guy, so he'd be great" I asked if he really has any experience that would make him a good CEO, and the guy said "No, but he'd have Josh D'Amaro to guide him on how to be a good CEO", to which I asked "Why wouldn't they just make D'Amaro CEO?" I never got an answer.

  17. This is another clear indicator of the fall of Disney the company, and honestly a good chunk of that is under Iger. A healthy company, especially one the size of Disney, should always be feeding it's management pipeline with fresh talent, grown to take the reins eventually. Iger came up the long way, starting in the 70s at ABC and then climbing the ladder after the Disney acquisition. He was a guy who knew the House of Mouse inside and out because he'd done turns managing significant portions of it over 20-30 years.

  18. I think Dana Walden could be ready to take over in 2 years. She came over from FOX but has been quickly promoted at Disney and is leading all of TV now.

  19. This has to be because of something not yet public, because the Board unanimously voted to extend Chapek's contract for three years knowing he had already strained studio relationships and was responsible for negative park perception. The 1.5 billion dollar loss for Disney+ doesn't seem that excessive seeing how much Paramount and HBO are reporting, certainly not anything that would force an immediate vote by the Board.

  20. Trian released another major purchase of Disney stock just now. And they supported Chapek. Makes me wonder if the board had to get ahead of a power move by activist investors.

  21. Yeah the surprise announcement at 10PM on a Sunday night is pretty bizarre. Who gets their firing announced at 10PM on a Sunday night?

  22. nothing like earning a livable wage. but being nickel and dined by streaming, living, and vacation like never before. i understand all these companies have fine tuned money making, but when all of them do it to you at once, the consumer gets fucked and gets angry. so now i have to pirate services, stop visiting disney, and live minimal. i can be called a millennial all day, but no one older got effed so consistently and thoroughly like this new decade

  23. No, but seriously, how badly do you have to fuck up for Disney to announce that you're getting replaced in the middle of the Sunday night before Thanksgiving?

  24. Relatedly, I do hope this doesn’t affect the co-production deal they just made with Doctor Who. Really seems like the kind of thing the show needs to get it in front of as many eyes as possible and supplement it’s perpetually shoestring BBC budget.

  25. I like to think of it like when Mr. Smith glitches into another one of the agents or NPC bodies and it’s like a mini stroke then static then transform

  26. “Just when I thought I was out, they offered to pay me significantly more than the 45 million per year I was already making.”

  27. A lot of Disney park bloggers are absolutely popping champagne right now. This is the best news for Disney fans in a very long time.

  28. I am salivating over the drama. Seeing that the news came out on a Sunday night, I have to wonder if this was an ambush. If so, it was deserved on Chapek's part.

  29. Having just seen that episode, I think it was one of the best eps in the show. They really crafted a story around a real movie and made it seem like it was an actual series of events. Shit was hilarious

  30. Chapek sucked. If you’re a fan of the parks, you just knew the dude was gonna ruin everything else if/when he became the CEO.

  31. I know many people who are no longer going back to the parks now because of the changes brought in over Chapek’s term. And I can’t say I blame them one bit.

  32. Went to Disneyland in early October. If that was the experience moving forward, I would never revisit. It was an awful time and total waste of money.

  33. Literally drove past the park today and was thinking about how the magic really slipped away in recent years. So expensive. So crowded. Charged for everything (goodbye fast pass). And things are broken all over the parks. The freakin ball on Indiana Jones has been broken for forever! It’s the climax of the ride! I asked a cast member what the deal was and she told me, “that’s how the ride is now”. Dude.

  34. Being fired as CEO is pretty huge in a business like Disney. I can't imagine how much they're paying to get Iger back. Maybe they can tighten up their properties and focus on keeping them valuable. This is very big news

  35. They'll have to buy out chapels contract which would be enormous and then pay igers asking price which would be even bigger.

  36. And he looks pretty damn good at 71. His wife too wow. I could wake up after 12 hours of sleep and still look and feel like a zombie.

  37. I think it’s better worded as fired. Dude burned through so much customer trust. So many are not planning on going back for a long while. For the cost of a Disney world trip you can see Europe.

  38. Not really. Iger gad been planning to step down for a while. I think Chapek was the only choice at the time. Besides does a Sunday night announcement sound very planned? Does a costly Disney stock value drop seem planned?

  39. Fun conspiracy, but Chapek was announced before Covid. Highly doubt Disney wanted a new CEO right when that shit broke out.

  40. to be fair, Chapek is the one who said animation is only for kids and that take alone should be enough to fire someone.

  41. It is kinda weird to do that with the same CEO though. Normally the cycle is shooting star innovator after the cost cutting bad guy

  42. As much of a bumbling boomer as Chapek was he was starting to approve adult projects for the Marvel IP and I feel like Iger is going to come in and shut that all down. Daredevil is currently set to be a TV-MA targeted project and Iger might even change that, along with other future projects. But maybe Iger will respect animated projects more.

  43. Chapek was meant to be the fall guy for a lot of greedy decisions the board made. Once they were able to make all the moves they wanted, they tossed him to the side. This was planned all along.

  44. HELL YES! Thank fucking god. As a former Disney employee it did not feel like Chapek knew how to prioritize Disney values.

  45. Amazon seems to be doing ok without Bezos. The only reason I can see him coming back is to bring the Alexa division back to where it was since that division apparently just got a bunch of cuts and that was his pride and joy.

  46. Is anyone surprised? No one liked him, constantly raised prices just to raise them, mass layoffs because he needed his bonus, Disney is a company about the "magic" and he was sucking it out of them and turning them into an evil corporation (well more evil).

  47. The Disney parks just raised their ticket prices again and got rid of a popular annual pass option. That's a big bus that the company is running Chapek over with.

  48. I feel like this is directly related to the parks. The parks have long been the primary revenue driver for Disney, and by all reports I’ve heard the guests are miserable at the parks, which have been understaffed, filthy, have unbearable wait times even for premium tickets. Months of issues may already have led to years of complaints and negative feelings. Profits at the expense of service has done considerable damage to the brand.

  49. Why did they just recently renew Bob C’s contract then? There must have been some kind of new development.

  50. As a Disney fan, parks fan, and shareholder I'm pleased by this. I understand a recession is here or inevitable, Chapek wasn't the one. Chapek relied on popularity to jack prices rather than having the best product at a premium price. Cuts to the company's core values, reduction in freedom to their top creative minds, these were fatal flaws in his approach.

  51. This is absolutely wonderful. Disney under Iger’s tenure was the DEFINITION of success. If any of you haven’t, I’d highly encourage you listen or read to his autobiography. The dude LOVES the company and helped rebuild it the last 20 years.

  52. Iger wasn’t perfect, but he had vision, loved the company and put in work. Must be annoying to see that trashed immediately after you leave.

  53. I'm throwing a crazy bet out there. Kevin Feige will be the next CEO of Disney. It might take two years but he's up.

  54. I'm usually not in the know of stuff like this, but is the one they got rid of the one that said that animation was only for children?

  55. Bob Chapek is the fall guy for the Covid and post Covid Disney changes but he secures his extension money and Bob Iger gets to walk back in a hero with nothing tarnishing his legacy. Seems like a win-win

  56. I mean, I don't think Iger is going to put things back to the way they used to be, but maybe the parks can get some of their magic back.

  57. I know someone who works for Disney and apparently Bob Iger sent out at an email saying he wasn’t expecting to be back but he’s glad he his. Everyone at Disney is celebrating lol.

  58. Considering the decisions he was making, Chapek seems like the person who hates Disney because his parents never took him to Disneyland. The guy seemed to really hate the Magical side the company like to portray with their parks and animations for some reason

  59. Great to see Disney leading by example an recycling their Bobs! Most corporations are so wasteful with their Bobs and me and the missus don’t like it.

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