Iger is back and Chapek is out...

[chasgeese]

You don’t “step down” as CEO of a major corporation with no notice. He was fired.

He definitely had notice. This has almost certainly been in the works for a couple weeks. Sunday is just the logical time for major corporations to make these kind of announcements, especially if they think it’s going to positively affect their stock price.

 

[Barnabas T Bullion]

WOWOWOWOWOWOW.

 

[tinkerhon]

I'm seeing this on Facebook but haven't seen an official confirmation. Please share!!!!

Its official -even Adam Aron tweeted about it - now let's get that Amc/ Dis partnership so my stock can take off ! Lol

 

[dizneedoll]

This was rumored awhile back but I didn't believe it! Wow. But 'stepped down' my butt...you know he got fired! BUT..Bob Iger isn't exactly great news. Iger was the one that green lit Genie+, he's the one that made the $70b bad Fox deal, he's the one that ruined Star Wars and brought all the politics into the company. Don't expect G+ to go away.

 

[dvcdenise]

Christmas has come early! Best present ever!

 

[Jen81NYC]

He stepped down, he wasn't fired. Read into that what you want. He may have been asked to resign to save face. If it truly happened on Friday I can't imagine it was anything other than him resigning on his own. The board would have known they needed someone to step in and would have been able to work all that out prior. But if he did it Fri and they needed Iger then I can see it taking 2 days of convincing and bargaining to get the deal worked out. This is a much better Friday news dump than a Sunday night dump.

No, Chapek was ousted by Disney’s board after it concluded that Chapek’s missteps had caused “irreparable damage to his ability to lead.” (NYTimes article quote). Chapek’s contract being extended just this summer is further proof the sudden leadership change wasn’t a mutual decision.

 

[HopperFan]

My understanding is that this is what Iger wanted in the first place anyways. To train up a successor versus what happened previously. I'm not holding my breath for any major changes coming soon. I have a feeling this will be a very transitionary period for Disney. However, I'd place money on some sort of fan favorite announcement coming soon. My guess is on new park hopping rules.

And again that is why the company needs an all new Board and replace some top officers. Disney had the perfect replacement but the Board told him no. He left. Iger kept telling them he was leaving and wanted to train someone. Board turned a deaf ear and he finally gave an ultimatum. Chapek got job by default, not because he was capable. Then Chapek fired the guy who could have replaced him. Be funny if they brought him back for Iger to train.

 

[tinkerhon]

He definitely had notice. This has almost certainly been in the works for a couple weeks. Sunday is just the logical time for major corporations to make these kind of announcements, especially if they think it’s going to positively affect their stock price.

Exactly ! And there are any other AMC "apes" on the boards, this kind of news was expected over the weekend

 

[FamilyGuy]

When I initially I saw the thread title and thought it was a joke or fun thread... so glad to know it is true!

My opinion is simply that Iger is much more of a leader. He appears to get it on so many levels.

Chapek just was one fumble after another, never truly appearing to have a good grasp on any particular area. Chapek left behind unhappy team members, unhappy stock holders, unhappy end customers...

 

[musicguy856]

4th Quarter reporting is now done and calculated.

"Earlier this month, Disney stock suffered its worst day since 2001 following what one analyst termed a “massive earnings downgrade,” after the company in its fourth-quarter earnings report forecast a significantly softer-than-expected, single-digit growth in the coming fiscal year, far below analysts’ consensus view of 25% growth." ~ Market Watch.

The problem with Chapek is rather than work towards growth, he created false "profits" by cuts everywhere he can, raising prices everywhere he can. Not sustainable. He was never right for this job, his resume wasn't strong enough to lead a company like this.

Too bad the Board is so out of touch with this company that they renewed his contract only to have the company stumble further and make them look like fools. ALL of the Board needs to go next round, and right now Christine McCarthy CFO needs to go with him. She is the "financial" leader, she has failed.

McCarthy needed to go the day she made that comment about people’s waistlines when she mentioned cutting portion sizes.

 

[jimmymc]

Out of almost 8 billion people in the world and searching since 2015 or so, Disney still somehow can't find someone to replace Iger.

 

[Disneylover99]

Out of almost 8 billion people in the world amd searching since 2015 or so, Disney still somehow can't find someone to replace Iger.

Sad.

 

[nikem3]

And again that is why the company needs an all new Board and replace some top officers. Disney had the perfect replacement but the Board told him no. He left. Iger kept telling them he was leaving and wanted to train someone. Board turned a deaf ear and he finally gave an ultimatum. Chapek got job by default, not because he was capable. Then Chapek fired the guy who could have replaced him. Be funny if they brought him back for Iger to train.

Not sure if Peter Rice is doing anything currently or if he would even come back if invited. Will be interesting to see how this plays out.

 

[HopperFan]

McCarthy needed to go the day she made that comment about people’s waistlines when she mentioned cutting portion sizes.

ABSOLUTELY!! And that isn't the only inappropriate thing she has said in public speaking. And she is the Chief Financial Officer and Disney's has been downgraded. She is as responsible as him along with being a PR nightmare.

 

[Mrs~Incredible]

Hallelujah. Let’s get back to focusing on developing incredible creative and building innovation, rather than nickel and diming the poor parks.

Don’t let the door hit you on the way out!

(She says gleefully)

 

[HopperFan]

Not sure if Peter Rice is doing anything currently or if he would even come back if invited. Will be interesting to see how this plays out.

Well Chapek fired him and now Chapek is out, be sweet justice to come back. I think it's obvious Chapek only fired him because he was a threat to his job.

 

[newdeal]

first step should be effective immediately no charge for genie plus and park reservations gone. Can't see that happening though

 

[mom2rtk]

I know everyone is more than ready for a change, but Iger is the one who groomed Chapek for this. I think it's interesting, and an admission that change is needed, but I just can't see Iger as the parks savior. It's not like he's going to come in and give up the income stream he is getting now from Genie+. Or announce a bunch of big new projects for the parks. He was using the parks as an ATM for the rest of the company long before Chapek was in charge.

 

[Takket]

Out of almost 8 billion people in the world amd searching since 2015 or so, Disney still somehow can't find someone to replace Iger.

Iger is only signing on for two years to basically train his successor, so he probably already knows who that person is (Demaro?) and that person will most likely be running Disney hand in hand with Iger during the transition

 

[Takket]

McCarthy needed to go the day she made that comment about people’s waistlines when she mentioned cutting portion sizes.

Absolutely this!!!!!!! I'm STILL pissed about that.