Disney's board backs Walt Disney Co. CEO Bob Chapek amid the firing of another top executive

Jun 09, 2022 in "The Walt Disney Company"

Posted: Thursday June 9, 2022 12:09pm ET by WDWMAGIC Staff

Disney CEO Bob Chapek this week fired another top executive, Peter Rice, who was the company's most senior TV creative.

According to a report by the New York Times, Rice was fired by Chapek for an "ill fit with Disney's corporate culture."

Many in the industry have seen him as a possible candidate to succeed Bob Chapek as Disney's CEO, which raises more eyebrows at his sudden departure.

In a statement to the New York Times, Susan E. Arnold, Chairwoman of The Walt Disney Co. board, backed Chapek and said, "The strength of the Walt Disney Company's businesses coming out of the pandemic is a testament to Bob's leadership and vision for the company's future. In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the Board."

Rice is the second high-profile Disney executive to be fired recently, with the head of Disney communications, Geoff Morrell, fired in April just months after his appointment.

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Disstevefan1Dec 04, 2023


ewensell3Dec 04, 2023

Fair. Should learn to use search. :)

JoeCamelDec 04, 2023

Several pages back in multiple threads, half a billion or so each time it is paid

ewensell3Dec 04, 2023

Not seen it mentioned anywhere. Fan Shareholder service. $0.30/share dividend to be paid 1/10/2024

TouchdownDec 04, 2023

I would hope most people are, not directly, as Disney is part of the S&P 500 (and the Russel 2000) which should be a portion of everyone’s 401k in the form of a low cost index fund. Year to date the S&P is up 20% nominal, or about 16% real (factoring in inflation) stocks are so important as they are one of the few assets that has been shown overtime to beat inflation over the long term and thus one of the few pathways to true wealth. While they are risky (2022 saw a 19.6% loss) it has averaged 10% in the last 80 years. I know this doesn’t help anyone who is living paycheck to paycheck currently but I hope that anyone (especially someone more then 15 years from retirement) who is not isn’t just doing the easy thing and putting their savings in a savings account/money market fund or even short term treasuries as those assets rarely even keep up with inflation (the most recent gains are very much an exception not the norm.) Im not saying don’t invest in those vehicles they have their purpose as a hedge to a bad stock market year but they should not be used as your main vehicle for retirement assets while you are in your working years.

_calebDec 03, 2023

Tentpoles are a thing of the past. It's a yurt-lattice strategy from here on out.

MisterPenguinDec 03, 2023

Well... yeah. Why is that an issue? They're buying an asset that has worth. They're paying a sum that is equitable to it's worth. That's not going backward financially. What they're buying produces profit, and their share of the profit will go from 66% to 100%. And they'll integrate Hulu with D+ (and ESPN+ and all their linear channels becoming streaming content). That will make 'the bundle' that much more attractive to consumers. Disney *wants* to buy it. Comcast didn't force them, they both agreed to make it happen. And TWDC will still be profiting billions each year.

StripesDec 03, 2023

I see your point. I also think a lot of people may be waiting to see Wish on Disney+, which of course could very well affect Inside Out 2 as well. But, the Wish trailers also received a pretty lukewarm reception. The comments on the trailers, at least before the film was released were very skeptical. Inside Out 2 is getting a lot of positive feedback in the comments. The new movie is a soft reboot. They haven’t made an Apes movie in a long time. I watched all three and enjoyed them very much. People really seem to like the Deadpool character. I think it will do really well, assuming the film is well-executed. Marvel is still very popular. But their films have been hit or miss recently. Their TV shows on the other hand are doing very well on Disney+ and have been quite strong in my opinion.

Model3 McQueenDec 03, 2023

I don't think it's harsh I mean i'd like to know why Marvel and Disney movies are costing over 200 million dollars to make, and are still subpar; why major theme park decisions are consistently anti-consumer (and incoherent) and how Bob could possibly be so blind to it all. He, his hand picked board, and their management is not good. They haven't had a clear-cut financially successful film in years (sorry, omitting GotG3). Chapek was never CEO, he was consistently kept in the dark and Iger continued to be the puppet master. What am I missing?

TalkingHeadDec 03, 2023

Wish was the most watched animated trailer before that. Social media trailer views aren’t a reliable predictor. Be honest, Planet of Apes is a tired franchise that hasn’t produced a big hit in ten years. Deadpool might hit, sure, probably because it’s unlike the other Marvel content being produced.

jriceDec 03, 2023

Oops! I was wrong. They have $14billion in cash. Even though they have it, they still have to pay for Hulu.

_calebDec 03, 2023

I bet it's at least a million dollars.

JoeCamelDec 03, 2023

So you pay 10+ for Hulu and gamble on a couple of tentpoles with the rest?

Fido ChuckwagonDec 03, 2023

Good thing they didn’t invest it in Disney Stock.