Bob Chapek to become CEO of Disney

[Y2kTheNewOldies]

https://deadline.com/2020/02/disney-bob-chapek-ceo-replacing-bob-iger-1202868176/

Note Bob Iger is moving to the Chairman seat at Disney according to the release.

Chapek will run the day to day operations at Disney at the CEO Seat.

 

[nomadcowatbk]

I assume keep Song the South rotting in vault

 

[TheBigA]

Iger came to Disney from ABC. Chapek came from the theme parks. That says a lot in terms of where the power is.

Some headlines had Iger "out," but this is how you transition new people into the CEO slot, while keeping the veteran under contract.

For example:

https://www.cinemablend.com/news/2490855/disneys-bob-iger-is-out-in-big-ceo-shakeup

 

[Y2kTheNewOldies]

https://www.thewrap.com/kelly-campbell-promoted-to-hulu-president/


And at the same time that Disney Board announced that Bob Chapek would be the next CEO at Disney, The company also announced that Kelly Campbell will be the next leader at Hulu.

Hulu has promoted chief marketing officer Kelly Campbell to president.

Campbell’s promotion comes following the exit of CEO Randy Freer, who stepped down earlier month amid a reorganization under Disney’s Direct-to-Consumer and International chief Kevin Mayer. Freer had been the streaming company’s CEO since 2017.



“This is a time of tremendous growth and transformation for Hulu, and I am incredibly energized by the opportunity ahead as we enter into this next chapter,” said Campbell. “The Hulu team is among the brightest, most technologically and creatively audacious in the industry, and I know we are going to do great things as part of the pioneering and equally bold team Kevin has built at DTCI.”

Disney, which gained majority control of Hulu after its acquisition of 21st Century Fox’s film and TV assets, is further aligning Hulu into its operations. As a result, Hulu’s top executives will report directly to Disney’s DTCI division leaders. Craig Erwich, Hulu’s senior vice president of scripted originals, will still report to Dana Walden, chairman of Disney Television Studios and ABC Entertainment.

 

[AbrahamJSimpson]

I assume keep Song the South rotting in vault

What on earth is that supposed to mean?

 

[CTListener]

What on earth is that supposed to mean?

I assume that he means that the historically significant, but racist, cartoon won't be seen on the Disney Channel, ABC, ESPN or anywhere else, as has been the case for quite some time.

 

[AbrahamJSimpson]

I assume that he means that the historically significant, but racist, cartoon won't be seen on the Disney Channel, ABC, ESPN or anywhere else, as has been the case for quite some time.

Which has zero to do with who, why or when a new CEO was named.

 

[Kelly A]

Amazing how people on this, or probably any board, spin up with all sorts of conspiracy angles based on their limited knowledge of the organization.

My baseless guess; is that Bob Iger is looking to phase-into retirement. If I had amassed that much money over that many years, I'd say it was time to go enjoy numerous homes all over the world.
Truth be told, I am a Disney Shareholder. I'm sure more details of the management shuffle will be revealed at the next Shareholder's call.

 

[Y2kTheNewOldies]

Iger came to Disney from ABC. Chapek came from the theme parks. That says a lot in terms of where the power is.

Some headlines had Iger "out," but this is how you transition new people into the CEO slot, while keeping the veteran under contract.

For example:

https://www.cinemablend.com/news/2490855/disneys-bob-iger-is-out-in-big-ceo-shakeup

https://en.m.wikipedia.org/wiki/20th_Century_Fox_World_(Malaysia)

I can understand why Chapek was chosen. He was one of the people in negotiations with a Malaysian investment group over "20th Century Fox Theme Park" in that country. The Malaysian group had a deadline to open "20th Century Pictures theme park" later in 2020. I don't know if Disney is going to keep the name 20th century park or if it will be renamed Disneyland Malaysia though given that the Malaysian investment group was originally negotiating with the Murdoch's when "20th Century Fox Park" was considered until Disney took over the now 20th Century Pictures.

 

[TheBigA]

Here's how the Wall Street Journal views the change:

Robert Iger, who oversaw an increase from roughly $25 a share to about $150 in The Walt Disney Co.'s stock since he became CEO in 2005, announced he was stepping down from the post, and the company named parks and resorts chief Bob Chapek to replace him immediately. Iger, who will remain the company's executive chairman and focus on creative matters, cited "the successful launch of Disney's direct-to-consumer businesses" as one reason for his decision.

 

[nickp]

Disney has kept up the tradition of confusingly similar CEO names Michael Eisner Bob Iger Bob Chapek

 

[umfan]

The timing of this and seemingly abrupt nature of Iger's departure raises a lot of questions. There may be more to come on why this occurred as it did.

 

[Y2kTheNewOldies]

The timing of this and seemingly abrupt nature of Iger's departure raises a lot of questions. There may be more to come on why this occurred as it did.

https://www.washingtonpost.com/life...4efc06-5849-11ea-9b35-def5a027d470_story.html


Project Veritas went after Disney's ABC News though but then again we cannot prove a connection at this time though. Sure David Wright was a target in the Project Veritas allegations but Wright was on hidden camera saying things that was indirect to Iger though.

But ABC probably was also alarmed at Wright’s criticism of ABC News, which is owned by the Disney Co. At another point, he raises another longstanding critique of ABC News — that it blends news with promotion of Disney-owned movies and TV programs.

“Like now you can’t watch ‘Good Morning America’ without there being a Disney princess or a Marvel Avenger appearing,” he says. “It’s all self-promotional.”

In a statement Wednesday, ABC News said, “Any action that damages our reputation for fairness and impartiality or gives the appearance of compromising it harms ABC News and the individuals involved. David Wright has been suspended, and to avoid any possible appearance of bias, he will be reassigned away from political coverage when he returns.”

In the video, which the group said was taken while Wright covered the New Hampshire primary, a voice asks the reporter if he considers himself “a Democratic socialist,” and Wright seems to reply, “more than that, I consider myself a socialist.”

 

[TheBigA]

Project Veritas went after Disney's ABC News though but then again we cannot prove a connection at this time though. Sure David Wright was a target in the Project Veritas allegations but Wright was on hidden camera saying things that was indirect to Iger though.

Self promotion is not against the law. Many other companies do it, including Fox.

 

[umfan]

https://www.washingtonpost.com/life...4efc06-5849-11ea-9b35-def5a027d470_story.html


Project Veritas went after Disney's ABC News though but then again we cannot prove a connection at this time though. Sure David Wright was a target in the Project Veritas allegations but Wright was on hidden camera saying things that was indirect to Iger though.

I skeptical that the Project Veritas report had anything at all to do with Iger's departure as CEO.

 

[Y2kTheNewOldies]

I skeptical that the Project Veritas report had anything at all to do with Iger's departure as CEO.

True but given the situation we are in today CEO change somehow has to be political.

Also Disney is going through leadership changes at the Hulu division as they try to get full control of the streamer.

The vp content acquisitions at Hulu, who had worked at the streamer since 2010, now takes on the new role of group senior vp content and commercial strategy, direct-to-consumer at Discovery's Los Angeles office.
Discovery has named Hulu’s vp content acquisitions Lisa Holme to the role of head of its direct-to-consumer content strategy.

The company made the announcement Thursday after Peter Faricy, the company's CEO of global direct-to-consumer mentioned the hire on Discovery's fourth-quarter earnings conference call. As group senior vp content and commercial strategy, direct-to-consumer Holme will report to him.

https://www.hollywoodreporter.com/n...direct-consumer-content-strategy-role-1281539


In another case Lisa Holme left Disney owned Hulu division for Discovery inc in a management change. All of this is yes how business works and that Disney cannot be dependent on 1 leader forever it has to move forward into the rest of the 2020's.

 

[Don CT]

Self promotion is not against the law. Many other companies do it, including Fox.

The difference is ABC is still considered to have a news division.

 

[TheBigA]

The difference is ABC is still considered to have a news division.

So does NBC, and today they originated the Today show at Universal Studios Theme Park, owned by their parent company.

If you're in news all you do is give a disclaimer, and they do that all the time.

 

[Y2kTheNewOldies]

https://www.hollywoodreporter.com/news/bob-iger-forgo-disney-salary-top-execs-take-pay-cuts-1287418

CEO Bob Chapek will take a 50 percent pay cut.
The Walt Disney Co. said on Monday that executive chairman Robert Iger will forgo his entire salary and recently named CEO Bob Chapek will take a 50 percent pay cut amid the coronavirus pandemic, according to an email from Chapek sent to employees obtained by The Hollywood Reporter.

The news comes days after the company made the decision to keep all North American theme parks closed until further notice. Other executives in the Walt Disney Co. will also take salary cuts, according to the email.

Iger has been among the top paid executives in the entertainment and media sector. In the latest fiscal year, Iger earned $47.5 million as chairman and CEO, down from $65.6 million in fiscal 2018

Here is an update.

 

[TheBigA]

No big surprise. Disney stock has been hard hit since the virus happened. Dropped down to under $100 after peaking at over $150 just a few months ago. The new guy has his work cut out for him. Of course things could be a lot worse...consider ViacomCBS. Their top people should be taking pay cuts too.