Iger Stepping Down, Chapek Replaces

[RFRees]

Bob Iger to step down as Disney CEO, effective immediately

Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced Tuesday.

Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced. Chapek will continue to report to Iger and be appointed to the board of directors at a later date.

Not sure if everyone is surprised by this or if this was expected.

 

[HHN Yeti Lover]

There was a thread earlier before the site crashed but people weren’t too thrilled.

 

[RFRees]

There was a thread earlier before the site crashed but people weren’t too thrilled.

Ah! I didn't realize the site crashed. I'm guessing some posts got reset/deleted?

I was wondering why a bunch of threads I clearly had read were now "unread" when I logged back in today.

 

[Nick]

Brief summary of what role Iger will play going forward. I'm interested in how the him working with the creative side will work. He will also oversee a transition.

 

[HHN Yeti Lover]

Ah! I didn't realize the site crashed. I'm guessing some posts got reset/deleted?

I was wondering why a bunch of threads I clearly had read were now "unread" when I logged back in today.

Yes, I’m supposing that its last backup was yesterday so that’s why we went back to old post.

 

[Nico]

WDW Pro on magic had some interesting insight. His inside source says it has to do with Iger believing there may be a contested convention. Basically Incase there’s a tie. Allowing him to step in last minute, unsullied, as a moderate option.

 

[Nick]

WDW Pro on magic had some interesting insight. His inside source says it has to do with Iger believing there may be a contested convention. Basically Incase there’s a tie. Allowing him to step in last minute, unsullied, as a moderate option.

Good on him, but it's not gonna happen if that's what he wants. If you haven't received a single vote in a primary contest, it'll be very hard for you to get the support for a nomination. Especially when he isn't a politician.

Let's not turn this political though.

 

[Nico]

Totally get not getting into the politics of it all @Nick, but this is relevant to the topic. The other thread was alluding to the “why now?” We now have a regular Disney insider who is staying this is the why.

 

[Nick]

Totally get not getting into the politics of it all @Nick, but this is relevant to the topic. The other thread was alluding to the “why now?” We now have a regular Disney insider who is staying this is the why.

Oh I get it. Iger has always had political ambitions, which is why he's been trying to get out for years now. But the ego to think that just because you were the CEO of Disney you're gonna waltz on in to Milwaukee this summer, be elected the nominee and have your first ever election contest be the US Presidential General Election is some next level billionaire crap.

A lot of things could happen, but that isn't it, chief.

 

[Nico]

Oh I get it. Iger has always had political ambitions, which is why he's been trying to get out for years now. But the ego to think that just because you were the CEO of Disney you're gonna waltz on in to Milwaukee this summer, be elected the nominee and have your first ever election contest be the US Presidential General Election is some next level billionaire crap.

A lot of things could happen, but that isn't it, chief.

Oh man, I know. The part where the source said he planned to ride in on the Disney name blew my mind.

Even if that was a consideration he has, I do believe that freezing his stock levels where they currently are before any major fallout from the CDC message today or the virus in general also played a role.

 

[Parkscope Joe]

Totally get not getting into the politics of it all @Nick, but this is relevant to the topic. The other thread was alluding to the “why now?” We now have a regular Disney insider who is staying this is the why.

IMHO yeah we can discuss that being a reason but probably try and avoid why that could be a reason, just too much mess and no one has the time to moderate that discussion.

-----

As I said before Chapek killed our forums (I keed I keed), you don't announce your IMMEDIATE resignation as CEO on a Tuesday unless something is up. Stock takes a hit, people panic, people are angry, and nobody in the company was prepared for this. That's why there are transition plans, so the balance of power and reporting structures can adapt without impact to the business. This just feels careless and dumb.



Regardless of my feelings about Chapek I think this was handled incredibly poorly and doesn't leave me with confidence about the future of the company.

 

[Nick]

IMHO yeah we can discuss that being a reason but probably try and avoid why that could be a reason, just too much mess and no one has the time to moderate that discussion.

-----

As I said before Chapek killed our forums (I keed I keed), you don't announce your IMMEDIATE resignation as CEO on a Tuesday unless something is up. Stock takes a hit, people panic, people are angry, and nobody in the company was prepared for this. That's why there are transition plans, so the balance of power and reporting structures can adapt without impact to the business. This just feels careless and dumb.



Regardless of my feelings about Chapek I think this was handled incredibly poorly and doesn't leave me with confidence about the future of the company.

Stocks have been down the past few days anyway. Possible they just figured this wouldn't reflect much with everything else going on in the world. As long as Chapek doesn't screw up, I think the stock will bounce back over time. Wall Street knew this day was coming sooner rather than later anyway. Iger rides off into the sunset having transformed the company.

 

[Parkscope Joe]

Wall Street knew this day was coming sooner rather than later anyway.

Really? Because he's contracted through 2021!

I cannot stress this enough: THIS ISN'T HOW THESE THINGS ARE HANDLED IN A HEALTHY COMPANY.

 

[HHN Yeti Lover]

Really? Because he's contracted through 2021!

I cannot stress this enough: THIS ISN'T HOW THESE THINGS ARE HANDLED IN A HEALTHY COMPANY.

yes, this seems so completely out of the blue and all the pieces aren’t quite adding up

 

[shiekra38]

Really? Because he's contracted through 2021!

I cannot stress this enough: THIS ISN'T HOW THESE THINGS ARE HANDLED IN A HEALTHY COMPANY.

Perhaps Iger is trying to preserve his legacy

 

[Nick]

Really? Because he's contracted through 2021!

I cannot stress this enough: THIS ISN'T HOW THESE THINGS ARE HANDLED IN A HEALTHY COMPANY.

2021 is soon.

I don't have a vested interest in this as I don't own stocks. I do know the Iger has wanted out since 2014-ish. Wall Street has known this. Disney is a behemoth in the long run, but right now, you're right, it's not a completely healthy company. Coronavirus is gonna have a massive affect on the Parks bottom line and lets not forget DCL in there as well. 2019 was a banner year for the Studio and 2020 has a meh lineup. Disney+ adds a lot of cost with no immediate ROI.

All I know is that I don't really care about these conspiracy theories, the freakout or if something really bad is about to come out about Iger. If the company is continued to be run like it was under Iger, the company and the stock will be fine.

 

[Grabnar]

Perhaps Iger is trying to preserve his legacy

I have a feeling that this is at least partially it. He wants to be known for his term as CEO when the company was constantly growing, and they're about to have at the very least a few very bad quarters due to coronavirus. I mean, parks revenue in China is essentially 0, a *huge* number of theaters are closed right before Mulan opens, and there's spread in the EU and let's be honest, likely the US as well. This is not going to be a good year for Disney.

 

[Mad Dog]

Thank you Shanghai may well have accelerated the decision. Iger steps away to his Board chairmanship. His legacy survives intact. Giving up his CEO role may possibly allow him to initiate stock sells that he couldn't with the CEO title. Films will probably not deliver as they did in 2019 and before. Streaming is costing a ton...and so on. Walk away now, and the weight falls on Chapek. If things continue to look flat, he may well be gone in two or three years, and will make a good scapegoat for any problems. Iger ends up looking great for posterity.....................as long as there aren't any scandals we're not aware of at this point in time.

 

[bob albert]

Bob Chapek is a scumbag. Everyone I have ever talked to that knows him, worked with him, or knows someone that knows him hates this guy. He has a negative reputation across the company. Im talking people in various places he had nothing to do with before know he is bad news. I have worked for people like him before in parks and other businesses. His philosophy is that employees are cost taking away from profits and consumers not paying the max rate disney can get are leaches. Walt would be rolling in his grave that this dude is running the company. Chapek does not know how to make long term investments and get a good return because that would require actual planning. He is the guy that will run a brand into the ground and exit with a golden parachute.

 

[HandsomePete]

Really? Because he's contracted through 2021!

I cannot stress this enough: THIS ISN'T HOW THESE THINGS ARE HANDLED IN A HEALTHY COMPANY.

Succession planning is near perpetual... it's not like they were just like, eff it, Bob C, you're up. I was expecting a minimum of 12 months of overlap transition no matter what.

Regarding the potential political rationale, Iger also thought he could waltz in and own an NFL team and look how that went for him so I can see how that could be his (poor) thinking.

One final note, the who's up next for Bob C's role talk on the thread that went poof... didn't see Colglazier's name mentioned. He was the other half of the Catherine Powell level. Pretty sure Josh doesn't have international experience.