Effort to vote out Bob Chapek at upcoming shareholder meeting

[Liquidice]

NYPost wrote an article: https://nypost.com/2022/02/07/outraged-disney-shareholders-want-ceo-bob-chapek-voted-out/ regarding a Reddit thread trying to get shareholders to vote against re-electing Bob Chapek at the upcoming shareholders meeting on March 9th.

I doubt it will be successful without someone like Roy E. Disney promoting it, but interesting to see.

Here is the Reddit thread:

https://www.reddit.com/r/disneyparks/comments/sd62e7/_/huaif48

 

[Grumpy by Birth]

 

[lockets]

Looks like there's also a petition circulating (mentioned in the OP article) and with 53K more signatures it will be a "top petition" on the petition site...

 

[SleeplessInTO]

My proxy letter arrived today. This’ll be interesting.

 

[unbanshee]

Lol, this will go nowhere and accomplish nothing beyond driving clicks to a certain website. Good for them

 

[JoeA]

This is for board seats. Shareholders can kick him off the board but not (directly) out of a job.

 

[Liquidice]

Normally, I don't vote, but I cast my votes this morning for my meager shares of Disney stock.

At the end of the day, this is less about actually having a successful vote (mutual funds and similar own way too much of Disney stock to ever have a majority vote from individual shareholders) and instead on sending Disney a message that its customers are unhappy. In 2004 the vote was also unsuccessful but it held more power because Roy E. Disney was behind it.

Unfortunately, the likelihood of something actually changing is low imho. If Disney alienates even a few hundred thousand park goers and more than makes up for that lost revenue with a combination of higher prices and attracting new guests - then it is still a win for Disney.

But maybe, just maybe it will give Disney pause before the next customer unfriendly change they make and try to spin it as a change customers have been asking for.

 

[Orion Nebula]

Lol, this will go nowhere and accomplish nothing beyond driving clicks to a certain website. Good for them

Chapek will keep his job, go home and pour a whisky and brainstorm on how to raise prices as revenge.

 

[ChipnDale79]

it wont go anywhere, but dang man, Chapek is obviously not liked, seems to be more than just people on this forum.

 

[DLgal]

This is not how CEOs get fired. There needs to be a majority vote by the actual Board of Directors, and as long as the company is posting profits regularly, that's unlikely to happen. They don't care that shareholders don't like him.

 

[Liquidice]

This is not how CEOs get fired. There needs to be a majority vote by the actual Board of Directors, and as long as the company is posting profits regularly, that's unlikely to happen. They don't care that shareholders don't like him.

To be fair, Michael Eisner was re-elected after the 2004 campaign to do the same resulted in 43% of the vote (not a majority) against him being re-elected to the board of directors and it ultimately led to Eisner leaving the Disney company (technically he wasn't fired).

Again, I don't think anyone is thinking this vote will be successful, rather it may send a message to Disney. Not really sure there will be a significant enough vote for Disney to even notice though.

 

[_19disnA]

Somewhat funny to read some of the reddit comments from people who seem to have zero grasp of how stock ownership/voting works. Only those who own Disney stock can vote (1 share = 1 vote) and you are voting to re-elect the board of directors (+ whatever other items are shown in the proxy statement.)

 

[DLgal]

To be fair, Michael Eisner was re-elected after the 2004 campaign to do the same resulted in 43% of the vote (not a majority) against him being re-elected to the board of directors and it ultimately led to Eisner leaving the Disney company (technically he wasn't fired).

Again, I don't think anyone is thinking this vote will be successful, rather it may send a message to Disney. Not really sure there will be a significant enough vote for Disney to even notice though.

Disney has already gotten the message. The message is: people will continue to pay the price for everything they are currently offering.

This is nothing more than a group of internet "nobodies" waving around their torches. It will accomplish nothing.

The only thing that matters to a Board of Directors is $$$. And, to a lesser extent, morality/behavior.

 

[namelessoracle]

Chapek is a hatchet man for the board to get unpopular things through, get rid of people they want gone, make them status quo, and then leave in a couple of years so the "good guy" CEO can take over. And by leave i mean take a board seat instead of CEO spot.

 

[Jrb1979]

I voted for Chapek to stay. He has done everything they have always wanted to do with the parks. Not only that they are growing their streaming service which is the focus right now. The people that seem the most upset are the hardcore park fans. Since they make up a minority of visitors Bob doesn't care.

 

[diablodancer]

I’m a Disney shareholder but didn’t receive any communication about voting - would it usually come through the bank my account’s with?

 

[HopperFan]

I'm a Disney shareholder (for decades) and I always vote. Since his name has showed on the proxy, I have voted against him. Just like if someone is the only one running for a public position and I don't support them, I don't vote for them. Will it make a difference to the end result, no, but somewhere there is data archived that shows that person did not get full support.

 

[BrightMorningStar]

Bob PAYcheck.

 

[Liquidice]

I’m a Disney shareholder but didn’t receive any communication about voting - would it usually come through the bank my account’s with?

Check with your stock broker, I was able to find my proxy vote on my stock broker's website.

 

[disneycampingdad]

Cast my proxy vote against Chapek this morning. This clown and, quite frankly, the rest of the board are running the operation into the ground.