Disney Insiders Still Lack Confidence in Chapek’s Leadership
If you’ve been following along with us here at MickeyBlog you’ll know that every since Bob Iger left, there’s been a murmur that Bob Chapek is finding Iger’s shoes tough to fill. A recent piece in the LA Times suggests that many on the inside question the staying power of The Walt Disney Company’s newest CEO.
It is true that he did navigate the company through the unprecedented COVID-19 shutdown and under his watch Disney+ also became a streaming juggernaut. However, these accomplishments have been overshadowed by some numerous headaches since Chapek has been at the helm.
Photo: Disney
As the Times points out, this isn’t helped by the fact that a few of the setbacks since Chapek took over have been high-profile. This includes a feud with Scarlett Johansson over salary and a dispute with Florida Governor Ron DeSantis over gay and transgender issues.
Add to this the declining stock prices and restless investors and you start to hear talk from industry insiders as to whether or not Chapek’s reign at the top will be a long one.
Photo: Disney
This is a week where we’ll want to watch happenings over at Disney HQ. The Board of Directors for the Walt Disney Company will kick off an annual retreat in Orlando on Monday. Though there is a lot of minutia on the agenda, it is also a time for the board to discuss CEO contracts and many are wondering whether Chapek’s leadership will be one of the hot topics discussed.
However, all of this is mere speculation at the moment. Disney execs including Senior Executive Vice President Christine McCarthy continue to take a positive view on Chapek’s role saying, “Bob Chapek stepped into his CEO role only two weeks before most of the company’s businesses shutdown, and he deserves credit for leading the company through the unprecedented crisis of a global pandemic and emerging even stronger.” McCarthy continued “His fact-based decision making has been focused on creating long-term value for the company and delivering results, and I could not be more happy with the great team Bob has created over the past few years. That, to me, is the sign of true leadership.”
However, these sentiments echoed by a few other Disney execs also came at a time when had just let television executive Peter Rice go. The news came as a huge surprise to insiders The LA Times reports that Rice was let go in a 10 minute meeting with Chapek.
The uncertainty around Disney’s future and the director in leadership is impacting stocks. Shares in the company are down 37% this year despite strong streaming numbers and successful film releases.
Image credit: whereischapek.com
This wasn’t helped by the recent controversy in Florida which has seen the House of Mouse go head-to-head with Florida state government. After a bit of hesitation and pressure from cast members, Disney came out strong against the state of Florida’s proposed “Don’t Say Gay” legislation. This resulted in DeSantis coming for Disney calling it a “woke” company. Governor DeSantis took this one step further by taking measures to eliminate Disney’s self-governing status in Central Florida in an area that covers Walt Disney World Resort and is called Reedy Creek Improvement District.
As a result of the ongoing controversy and challenges from Governor DeSantis, Disney has put the breaks on a plan to move 2,000 jobs from California to Central Florida. This move was supposed to start happening this year and has since been pushed back to 2026.
The Times ties this all together as a further example of how every decision Chapek makes i being dissected. Can he withstand the pressure and can the board maintain confidence in his leadership.
This is a story we will continue to follow closely. Readers are encouraged to keep following along with MickeyBlog for further Disney-related news and updates.
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From the same story:
“Most people who spoke to the Times expect the board to re-up Chapek, if not at the meeting, then later this year.
A Disney spokeswoman declined to comment on board activities, and members of the board didn’t respond to requests for comment.
Christine McCarthy, Disney’s senior executive vice president and chief financial officer, praised Chapek’s leadership in a statement provided to the Times.”