The Walt Disney Co. is beefing up its board of directors.
The company says that Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.
The studio conglomerate cited Gorman’s experience with Morgan Stanley’s acquisition of E-Trade in 2020 to note that the exec will “provide key perspectives as Disney leverages technology to advance its strategy.” And Darroch’s work transitioning Sky from linear TV to multi-platform was touted in relation to Disney’s own efforts to grow its direct-to-consumer streaming business.
Both will be up for election at the company’s next annual meeting. Current Disney board member Francis A. deSouza is stepping down to pursue an opportunity in the technology sector.
“James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to...
The company says that Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.
The studio conglomerate cited Gorman’s experience with Morgan Stanley’s acquisition of E-Trade in 2020 to note that the exec will “provide key perspectives as Disney leverages technology to advance its strategy.” And Darroch’s work transitioning Sky from linear TV to multi-platform was touted in relation to Disney’s own efforts to grow its direct-to-consumer streaming business.
Both will be up for election at the company’s next annual meeting. Current Disney board member Francis A. deSouza is stepping down to pursue an opportunity in the technology sector.
“James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to...
- 11/29/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
The layoffs at The Walt Disney Co. will start this week.
In a memo to employees Monday, Disney CEO Bob Iger said that the company will now begin the process of notifying impacted staff, with two more rounds of cuts planned in the next couple of months.
Iger said in February that the company would shed 7,000 jobs as the company restructures around three core divisions: Disney Entertainment, ESPN, and Parks, Experiences and Products. The cuts are “necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger wrote on March 27, adding that senior leaders have been evaluating their operational needs since he announced the cuts.
Iger said in his memo that a second round of layoffs planned for April will be “larger” than the round this week, with “several thousand” cuts set to take place at that time. A third round of cuts will take place “before...
In a memo to employees Monday, Disney CEO Bob Iger said that the company will now begin the process of notifying impacted staff, with two more rounds of cuts planned in the next couple of months.
Iger said in February that the company would shed 7,000 jobs as the company restructures around three core divisions: Disney Entertainment, ESPN, and Parks, Experiences and Products. The cuts are “necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger wrote on March 27, adding that senior leaders have been evaluating their operational needs since he announced the cuts.
Iger said in his memo that a second round of layoffs planned for April will be “larger” than the round this week, with “several thousand” cuts set to take place at that time. A third round of cuts will take place “before...
- 3/27/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney’s proxy battle with activist investor Nelson Peltz is over, with the investor saying Thursday morning that he is abandoning his plans to join the company’s board of directors.
“This was a great win for all the shareholders. Management at Disney now plans to do everything that we wanted them to do,” Peltz said on CNBC Thursday morning, adding that the fight was over, and he wished Walt Disney Co. CEO Bob Iger the best.
“We respect and value the input of all our shareholders and we appreciate the decision by Trian Fund announced by Nelson Peltz this morning,” Disney responded in a statement. “We are pleased that our Board and management can remain focused without the distraction of a proxy contest, and we have tremendous faith in Bob Iger’s leadership and the transformative vision for Disney’s future he set forth yesterday.”
Peltz made the comments...
“This was a great win for all the shareholders. Management at Disney now plans to do everything that we wanted them to do,” Peltz said on CNBC Thursday morning, adding that the fight was over, and he wished Walt Disney Co. CEO Bob Iger the best.
“We respect and value the input of all our shareholders and we appreciate the decision by Trian Fund announced by Nelson Peltz this morning,” Disney responded in a statement. “We are pleased that our Board and management can remain focused without the distraction of a proxy contest, and we have tremendous faith in Bob Iger’s leadership and the transformative vision for Disney’s future he set forth yesterday.”
Peltz made the comments...
- 2/9/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney CEO Bob Iger said the company has asked its board to reinstate the dividend by the end of the calendar year. The payouts, beloved by investors, especially Disney’s legion of retail shareholders, were stopped abruptly during Covid to conserve cash.
Iger said the company’s planned cost cutting — of 5.5 billion — will make this possible. Initially, he said, the dividend will be “modest” but increase over time.
The news comes as the company is in the midst of a proxy battle with activist investor Nelson Peltz of Trian Group, who is asking shareholders to vote him onto the board of directors.
“When it comes to investing in growth and returning capital to shareholders, we will take a balanced and disciplined approach as we did throughout my previous tenure as CEO, when we invested in our core businesses and acquired new ones, bought back stock and paid a dividend to our shareholders.
Iger said the company’s planned cost cutting — of 5.5 billion — will make this possible. Initially, he said, the dividend will be “modest” but increase over time.
The news comes as the company is in the midst of a proxy battle with activist investor Nelson Peltz of Trian Group, who is asking shareholders to vote him onto the board of directors.
“When it comes to investing in growth and returning capital to shareholders, we will take a balanced and disciplined approach as we did throughout my previous tenure as CEO, when we invested in our core businesses and acquired new ones, bought back stock and paid a dividend to our shareholders.
- 2/8/2023
- by Jill Goldsmith
- Deadline Film + TV
With Nelson Peltz angling for a seat on Disney’s board, the company on Thursday blasted the activist investor, his firm Trian Group, and his son, Matthew Peltz, whom Trian is proposing as a possible alternate candidate.
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“The Disney Board of Directors does not endorse Nelson Peltz as a nominee, and believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney...
Related Story Disney Proxy Battle: Who Is Nelson Peltz And Why Does He Want To Be Let Into The Magic Kingdom? Related Story Super Bowl Movie Trailer Spots Will Include 'The Flash', 'Fast X', 'Transformers' & 'Ant-Man' Related Story 'Avatar: The Way Of Water' Moves Up To No. 4 Biggest Movie Ever Global, Leaving 'Force Awakens' In Its Wake
“The Disney Board of Directors does not endorse Nelson Peltz as a nominee, and believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney...
- 2/2/2023
- by Jill Goldsmith
- Deadline Film + TV
Disney’s activist investor has found his target.
Nelson Peltz, the Trian Management founder who is leading a proxy fight against the entertainment company, is targeting Disney board member Michael B.G. Froman in the battle.
On Thursday, Peltz’s firm released a proxy form and began messaging Disney shareholders, urging them to withhold votes for Froman, and to vote for Peltz instead.
Trian also released a new open letter to Disney shareholders, tweaking its messaging in a subtle but critical way: In its initial presentation, Trian focused on the performance of Disney CEO Bob Iger and his predecessor Bob Chapek. In the new letter, Trian is targeting Disney’s board, calling out Disney’s declining stock price and Eps in 2022, as well as its decision to cancel its dividend, adding that “it is clear the Board of Directors has caused this recent destruction of value.
“As the owners of this great company,...
Nelson Peltz, the Trian Management founder who is leading a proxy fight against the entertainment company, is targeting Disney board member Michael B.G. Froman in the battle.
On Thursday, Peltz’s firm released a proxy form and began messaging Disney shareholders, urging them to withhold votes for Froman, and to vote for Peltz instead.
Trian also released a new open letter to Disney shareholders, tweaking its messaging in a subtle but critical way: In its initial presentation, Trian focused on the performance of Disney CEO Bob Iger and his predecessor Bob Chapek. In the new letter, Trian is targeting Disney’s board, calling out Disney’s declining stock price and Eps in 2022, as well as its decision to cancel its dividend, adding that “it is clear the Board of Directors has caused this recent destruction of value.
“As the owners of this great company,...
- 2/2/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Was Disney right to pay 71 billion for Fox’s entertainment empire? The sprawling properties it brought in-house helped fuel Disney+ and have given returning CEO Bob Iger a much-needed box office hit with “Avatar: The Way of Water” as he settles back into his old chair.
But investors are scrutinizing spending much more closely than they used to. Disney still carries a hefty debt load from the Fox deal and Iger’s rebound tenure has a time limit as he searches once again for a successor.
As adult-skewing movies struggle in theaters and Wall Street changes the rules in the streaming war, Disney’s purchase of Fox’s studio properties may prove to be Iger’s biggest blunder, dealing lasting damage to the company’s reputation among shareholders for media-merger magic. The idea that Disney could take any given property, get audiences to associate it with its megabrand and make...
But investors are scrutinizing spending much more closely than they used to. Disney still carries a hefty debt load from the Fox deal and Iger’s rebound tenure has a time limit as he searches once again for a successor.
As adult-skewing movies struggle in theaters and Wall Street changes the rules in the streaming war, Disney’s purchase of Fox’s studio properties may prove to be Iger’s biggest blunder, dealing lasting damage to the company’s reputation among shareholders for media-merger magic. The idea that Disney could take any given property, get audiences to associate it with its megabrand and make...
- 1/31/2023
- by Scott Mendelson
- The Wrap
Disney published a detailed breakdown of the timeline of events that led to Bob Chapek’s exit as CEO, former CEO Bob Iger’s return to the position, and activist investor Nelson Peltz’s attempt to join the company’s board in a proxy filing Tuesday, which also revealed 2022 compensation for Chapek, Iger and other Disney execs.
The timeline, which Disney released ahead of its upcoming annual meeting of shareholders, which is typically held in March, “details the significant contacts” between Disney and Peltz’s Trian Group beginning in July 2022 and running through Jan. 11. According to Disney’s recounting of events, last summer, Peltz met Chapek for lunch at Disneyland Paris last July, and a few days later followed up to inform Chapek of his interest in joining Disney’s board, even though at the time the Trian Group CEO was not a Disney investor.
Per Disney, Marvel Entertainment chairman...
The timeline, which Disney released ahead of its upcoming annual meeting of shareholders, which is typically held in March, “details the significant contacts” between Disney and Peltz’s Trian Group beginning in July 2022 and running through Jan. 11. According to Disney’s recounting of events, last summer, Peltz met Chapek for lunch at Disneyland Paris last July, and a few days later followed up to inform Chapek of his interest in joining Disney’s board, even though at the time the Trian Group CEO was not a Disney investor.
Per Disney, Marvel Entertainment chairman...
- 1/17/2023
- by Jennifer Maas
- Variety Film + TV
The latest beat in Disney’s proxy battle against activist investor Nelson Peltz, who is seeking a board seat at the company, has the Mouse House calling out the Trian Management CEO as lacking a “basic understanding of our industry by his own admission.”
“Nelson Peltz does not understand Disney’s businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem,” Disney said in a slideshow presentation filed with the SEC Tuesday entitled “The Current Disney Board Is the Right Board for Shareholders,” which laid out its rebuttal against Peltz’s case for waging a proxy war point by point.
On another slide, Disney stated: “Peltz wants to ‘adapt strategies to address changing industry dynamics.’ Yet he lacks a basic understanding of our industry by his own admission.”
The company laid out how the current board, which includes outgoing...
“Nelson Peltz does not understand Disney’s businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem,” Disney said in a slideshow presentation filed with the SEC Tuesday entitled “The Current Disney Board Is the Right Board for Shareholders,” which laid out its rebuttal against Peltz’s case for waging a proxy war point by point.
On another slide, Disney stated: “Peltz wants to ‘adapt strategies to address changing industry dynamics.’ Yet he lacks a basic understanding of our industry by his own admission.”
The company laid out how the current board, which includes outgoing...
- 1/17/2023
- by Jennifer Maas
- Variety Film + TV
Nelson Peltz’s broadside against the Walt Disney Co., and the prospect of a rare proxy fight at the media giant, stunned media circles this week — and a flurry of SEC filings over the past few days suggest plenty more fireworks to come.
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The activist investor’s demand for a seat on the company’s board and criticism of management have drawn the full attention of a Wall Street already on tenterhooks about how returned CEO Bob Iger will right the ship. The famed exec’s encore run as Disney’s chief already faces a series of challenges, some industrywide, others self-inflicted.
Peltz isn’t quite a household name,...
Related Story Bob Iger’s Christmas Carol & The Ghosts Of Past, Present & Future Related Story Disney Seeks To Soothe Fans' Ruffled Feathers With New Theme Park Perks Related Story International Box Office 2022: Gains & Growing Pains Amid Product Gaps; Global Studio Rankings
The activist investor’s demand for a seat on the company’s board and criticism of management have drawn the full attention of a Wall Street already on tenterhooks about how returned CEO Bob Iger will right the ship. The famed exec’s encore run as Disney’s chief already faces a series of challenges, some industrywide, others self-inflicted.
Peltz isn’t quite a household name,...
- 1/14/2023
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
Walt Disney has named a new chairman of the board, and indicated it’s also in for a proxy fight as Nelson Peltz’ Trian Group seeks a director’s seat for the activist investor in opposition to the company’s slate.
“The Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote For all the Company’s nominees,” Disney said.
Disney’s said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders. A Disney director for the past seven-years and Executive Chairman of Nike as well, he will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney’s Board Tenure Policy. As a result, the board will be reduced to 11 members.
Disney has a September fiscal year and usually issues its proxy statement — which, among other things,...
“The Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote For all the Company’s nominees,” Disney said.
Disney’s said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders. A Disney director for the past seven-years and Executive Chairman of Nike as well, he will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney’s Board Tenure Policy. As a result, the board will be reduced to 11 members.
Disney has a September fiscal year and usually issues its proxy statement — which, among other things,...
- 1/11/2023
- by Jill Goldsmith
- Deadline Film + TV
Disney Proxy Fight: Board Shakes Up As Activist Investor Claims “Self-Inflicted” Woes Plague Company
The Walt Disney Co. is shaking up its board of directors, tapping Nike executive chairman Mark Parker to be chairman, effective as of its next annual meeting.
Susan Arnold, who has been chair since Bob Iger retired from the company at the end of 2021 (and who asked him to return last year), will step down from the board at that time. The company says her departure is consistent with Disney’s 15-year board term limit.
“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” said Bob Iger, Disney’s CEO, in a statement. “On behalf of my fellow Board members and the entire Disney management team, I also want to thank Susan for her superb...
Susan Arnold, who has been chair since Bob Iger retired from the company at the end of 2021 (and who asked him to return last year), will step down from the board at that time. The company says her departure is consistent with Disney’s 15-year board term limit.
“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” said Bob Iger, Disney’s CEO, in a statement. “On behalf of my fellow Board members and the entire Disney management team, I also want to thank Susan for her superb...
- 1/11/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney has named board member Mark Parker, Nike’s executive chairman, as its new chairman of the board, succeeding Susan Arnold, the company announced Wednesday.
Parker’s appointment is effective following Disney’s upcoming annual meeting of shareholders, which usually takes place in March, with Arnold unable to stand for re-election in her position due to the board’s 15-year limit. As a result, the board will be reduced to 11 members upon Arnold’s exit.
Additionally, the board has responded to a letter from activist investor group Trian Partners recommending that Disney shareholders vote for all of its recommended board nominees rather than Trian’s Nelson Peltz, who is out the outset of a proxy fight with Disney in his effort to join the board.
Two months ago, Trian began seeking a board seat after taking approximately an 800 million stake in Disney. In a letter sent to the Disney board last week,...
Parker’s appointment is effective following Disney’s upcoming annual meeting of shareholders, which usually takes place in March, with Arnold unable to stand for re-election in her position due to the board’s 15-year limit. As a result, the board will be reduced to 11 members upon Arnold’s exit.
Additionally, the board has responded to a letter from activist investor group Trian Partners recommending that Disney shareholders vote for all of its recommended board nominees rather than Trian’s Nelson Peltz, who is out the outset of a proxy fight with Disney in his effort to join the board.
Two months ago, Trian began seeking a board seat after taking approximately an 800 million stake in Disney. In a letter sent to the Disney board last week,...
- 1/11/2023
- by Jennifer Maas
- Variety Film + TV
Click here to read the full article.
This December, the general mood on Wall Street is that next year will not see an explosion of major transactions along the lines of the ones that created Warner Bros. Discovery (Wbd), Paramount Global or Disney’s takeover of large parts of 21st Century Fox assets.
After all, companies like the David Zaslav-led Wbd are still focused on making prior megadeals work, and others are waiting for what is perceived as a more favorable regulatory environment amid increased antitrust scrutiny. All entertainment companies are dealing with such challenges as accelerated cord-cutting and the advertising fallout of recession fears. Higher interest rates and decreased access to capital are also potential obstacles for M&a. Plus, sector stocks are depressed, making agreements on price tags particularly difficult. “Consolidation has been a theme in media due to the combination of rising content intensity in streaming and well-known declining linear trends,...
This December, the general mood on Wall Street is that next year will not see an explosion of major transactions along the lines of the ones that created Warner Bros. Discovery (Wbd), Paramount Global or Disney’s takeover of large parts of 21st Century Fox assets.
After all, companies like the David Zaslav-led Wbd are still focused on making prior megadeals work, and others are waiting for what is perceived as a more favorable regulatory environment amid increased antitrust scrutiny. All entertainment companies are dealing with such challenges as accelerated cord-cutting and the advertising fallout of recession fears. Higher interest rates and decreased access to capital are also potential obstacles for M&a. Plus, sector stocks are depressed, making agreements on price tags particularly difficult. “Consolidation has been a theme in media due to the combination of rising content intensity in streaming and well-known declining linear trends,...
- 12/26/2022
- by Etan Vlessing, Ashley Cullins, Erik Hayden, Caitlin Huston, Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
With the unexpected return of Bob Iger last month for a new stint as Disney CEO, the entertainment giant’s veteran chief financial officer Christine McCarthy has emerged as a leading contender to take over the top job.
“Christine has always been a force to be reckoned with, but you have to put her on a list of top five possibilities after the last few weeks,” a Disney insider said of the now prominent CFO. If McCarthy was handed the keys to the Magic Kingdom in the next 23 months, the exec would occupy a historic position as the first female CEO in Disney’s soon to be more than 100 year existence.
CFOs are key managers but more often than not low profile, working behind the scenes, emerging during earnings season and the occasional investor conference. Rarely do they take center stage, especially in the heat of battle leading the troops...
“Christine has always been a force to be reckoned with, but you have to put her on a list of top five possibilities after the last few weeks,” a Disney insider said of the now prominent CFO. If McCarthy was handed the keys to the Magic Kingdom in the next 23 months, the exec would occupy a historic position as the first female CEO in Disney’s soon to be more than 100 year existence.
CFOs are key managers but more often than not low profile, working behind the scenes, emerging during earnings season and the occasional investor conference. Rarely do they take center stage, especially in the heat of battle leading the troops...
- 12/6/2022
- by Jill Goldsmith and Dominic Patten
- Deadline Film + TV
On Sunday, The Walt Disney Company stunned the entertainment industry with the announcement that Bob Iger had returned as CEO. The news meant that his successor/predecessor, Bob Chapek, was removed from his post at the company, a little over two years after he started the job. Now, a new report from the Wall Street Journal claims that tensions between the two have existed almost since the transition in power began.
According to the report, Iger has spent the past two years criticizing Chapek’s decisions as CEO. Although Iger left the company officially last year after his term as executive chairman ended, he reportedly remained fixated on Chapek’s mistakes, and spoke so much about his successor that it became “uncomfortable,” The Wall Street Journal’s sources said.
Among the various issues Iger had with Chapek included his prioritization of streaming over other parts of Disney’s business and...
According to the report, Iger has spent the past two years criticizing Chapek’s decisions as CEO. Although Iger left the company officially last year after his term as executive chairman ended, he reportedly remained fixated on Chapek’s mistakes, and spoke so much about his successor that it became “uncomfortable,” The Wall Street Journal’s sources said.
Among the various issues Iger had with Chapek included his prioritization of streaming over other parts of Disney’s business and...
- 11/23/2022
- by Wilson Chapman
- Indiewire
Click here to read the full article.
The day after Disney shocked Hollywood by unceremoniously dispatching Bob Chapek as CEO, sources with ties to the company say discontent among some board members had been building to the point that there was discussion about replacing Chapek as far back as the directors’ late June meeting in Florida.
At that time, sources say, some on the board wanted to replace Chapek and appoint one of their own, Nike chairman Mark Parker, as interim CEO while conducting a search for a new permanent leader. But a source says Parker declined the role even as the idea arose more than once. Aside from Parker, these sources say, General Motors executive Mary Barra also advocated replacing Chapek at the June meeting. (Neither Parker nor Barra responded to requests for comment.)
By that point, Chapek had already piled up a set of widely derided moves. Aside...
The day after Disney shocked Hollywood by unceremoniously dispatching Bob Chapek as CEO, sources with ties to the company say discontent among some board members had been building to the point that there was discussion about replacing Chapek as far back as the directors’ late June meeting in Florida.
At that time, sources say, some on the board wanted to replace Chapek and appoint one of their own, Nike chairman Mark Parker, as interim CEO while conducting a search for a new permanent leader. But a source says Parker declined the role even as the idea arose more than once. Aside from Parker, these sources say, General Motors executive Mary Barra also advocated replacing Chapek at the June meeting. (Neither Parker nor Barra responded to requests for comment.)
By that point, Chapek had already piled up a set of widely derided moves. Aside...
- 11/22/2022
- by Kim Masters
- The Hollywood Reporter - Movie News
Many Disney employees woke up this morning trying to make sense of a surreal Sunday night that some say felt like a dream.
The Hollywood spectacle couldn’t have been scripted any better. As top Disney executives were filing into the Dodger Stadium hospitality tent for Elton John’s final North American concert, which streamed live on Disney+, news broke of Bob Iger replacing Bob Chapek as Disney CEO. The jaw-dropping move sent Disney shares soaring and industry tongues wagging, but it also raises some thorny questions for the media giant despite the familiar hand taking the controls.
Chapek was expected to be at the Elton John concert, sources said, but canceled his appearance by midday Sunday. His top lieutenant, Kareem Daniel, Chairman of Disney Media and Entertainment Distribution, went to the stadium but left before the concert started as people around him were reacting to the bombshell announcement, we hear.
The Hollywood spectacle couldn’t have been scripted any better. As top Disney executives were filing into the Dodger Stadium hospitality tent for Elton John’s final North American concert, which streamed live on Disney+, news broke of Bob Iger replacing Bob Chapek as Disney CEO. The jaw-dropping move sent Disney shares soaring and industry tongues wagging, but it also raises some thorny questions for the media giant despite the familiar hand taking the controls.
Chapek was expected to be at the Elton John concert, sources said, but canceled his appearance by midday Sunday. His top lieutenant, Kareem Daniel, Chairman of Disney Media and Entertainment Distribution, went to the stadium but left before the concert started as people around him were reacting to the bombshell announcement, we hear.
- 11/21/2022
- by Nellie Andreeva and Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Disney CEO Bob Iger — back for the second time as chief executive of the entertainment giant — will be compensated handsomely for returning to the job.
According to a filing with Securities and Exchange Commission, Iger will receive a compensation package valued at 27 million each of the 2 years — though the actual number could be higher or lower, depending on the company’s performance and stock price.
Notably, Iger will take a salary and annual bonus that is significantly lower than the salary and bonus he received during his last tenure as CEO. Under the terms of the contract, Iger will receive a 1 million salary, with a 1 million annual target bonus.
However, his deal also includes an annual long-term incentive award valued at 25 million, of which 60 percent will be performance-based RSUs, and the remainder being stock options that will vest if Iger is still with...
Disney CEO Bob Iger — back for the second time as chief executive of the entertainment giant — will be compensated handsomely for returning to the job.
According to a filing with Securities and Exchange Commission, Iger will receive a compensation package valued at 27 million each of the 2 years — though the actual number could be higher or lower, depending on the company’s performance and stock price.
Notably, Iger will take a salary and annual bonus that is significantly lower than the salary and bonus he received during his last tenure as CEO. Under the terms of the contract, Iger will receive a 1 million salary, with a 1 million annual target bonus.
However, his deal also includes an annual long-term incentive award valued at 25 million, of which 60 percent will be performance-based RSUs, and the remainder being stock options that will vest if Iger is still with...
- 11/21/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
Late last night, the entertainment industry was rocked by a shocking revelation. Bob Chapek, who became CEO of The Walt Disney Company in February 2020, had stepped down from his position effective immediately, with his predecessor, Bob Iger, returning to the post once more. While Chapek's tenure at the mega-company has been riddled with controversy, there's no denying that this announcement and its timing seemed bizarre. After all, why announce something this major on a late Sunday evening, days before your studio's latest animated feature ("Strange World") is released?
According to a report from The Wrap, this was all because the company wanted Chapek gone as soon as possible. Speaking to insiders on the matter, the decision reportedly came down to Disney's increasing debt and plummeting profits, all of which were overseen by the former parks executive. In addition to acquiring over 48 billion in long-term debt tied to its acquisition of 20th Century Fox,...
According to a report from The Wrap, this was all because the company wanted Chapek gone as soon as possible. Speaking to insiders on the matter, the decision reportedly came down to Disney's increasing debt and plummeting profits, all of which were overseen by the former parks executive. In addition to acquiring over 48 billion in long-term debt tied to its acquisition of 20th Century Fox,...
- 11/21/2022
- by Erin Brady
- Slash Film
Bob Iger is returning to Disney as CEO.
Iger, 71, who was chief executive for 15 years before retiring as chairman last year, has agreed to come back after Bob Chapek, 62, stepped down.
Chapek took over as chief executive in February 2020, just before the Covid-19 pandemic really hit.
Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” CNN reported.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Read More: Report: Paul Bettany To Reprise ‘Avengers’ Role In New Disney+ Series ‘Vision Quest’
The news comes amid Disney’s plummeting share prices. Since Iger’s return was revealed, CNN claimed shares were...
Iger, 71, who was chief executive for 15 years before retiring as chairman last year, has agreed to come back after Bob Chapek, 62, stepped down.
Chapek took over as chief executive in February 2020, just before the Covid-19 pandemic really hit.
Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” CNN reported.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Read More: Report: Paul Bettany To Reprise ‘Avengers’ Role In New Disney+ Series ‘Vision Quest’
The news comes amid Disney’s plummeting share prices. Since Iger’s return was revealed, CNN claimed shares were...
- 11/21/2022
- by Becca Longmire
- ET Canada
Welcome back to the Bob Iger Clubhouse. That crowd out front? Oh, just Wall Street analysts and investors lining up to kiss the ring.
Following the shocking news Sunday night that Robert Iger had returned as Disney CEO to replace his own successor in Bob Chapek, company stock (Dis) jumped as much as 10 percent. Don’t let the park gates hit you on the way out, Chapek.
The Iger resurrection was enough for research firm Moffett Nathanson to declare the “Magic Is Back.” The equity analysts upgraded shares of Dis to “outperform,” or a Buy, with a new price target of 120 (+20 from its previous 100 Pt). In its own early reaction, Wells Fargo reiterated its prior price target of 125 and “Buy” rating.
“We applaud Disney’s Board for the courage to make this change,” Moffett Nathanson wrote.
While Wells Fargo was early money on recommending Disney as one of its “signature picks,...
Following the shocking news Sunday night that Robert Iger had returned as Disney CEO to replace his own successor in Bob Chapek, company stock (Dis) jumped as much as 10 percent. Don’t let the park gates hit you on the way out, Chapek.
The Iger resurrection was enough for research firm Moffett Nathanson to declare the “Magic Is Back.” The equity analysts upgraded shares of Dis to “outperform,” or a Buy, with a new price target of 120 (+20 from its previous 100 Pt). In its own early reaction, Wells Fargo reiterated its prior price target of 125 and “Buy” rating.
“We applaud Disney’s Board for the courage to make this change,” Moffett Nathanson wrote.
While Wells Fargo was early money on recommending Disney as one of its “signature picks,...
- 11/21/2022
- by Tony Maglio
- Indiewire
The bombshell news on Sunday that Bob Iger was returning to the Walt Disney Company as CEO and that his hand-picked successor Bob Chapek was out the door – immediately – followed a series of blunders but came down to a big miss on quarterly earnings reported earlier this month, according to multiple individuals with knowledge of the situation.
Disney, a former blue-chip stalwart, has seen its stock price plummet 41 since January. And Wall Street had been expecting post-covid streaming growth, theme park profit and projections for a better year to come during earnings on November 8. Instead, profits rose just 30 cents a share on revenue of 20.15 billion, rather than the expected 54 cents per share on revenues of 21.2 billion.
“After the last earnings call, I felt like the tide had turned against Chapek,” one insider said, observing that Chapek and other Disney executives on the earnings call acted as if it was a...
Disney, a former blue-chip stalwart, has seen its stock price plummet 41 since January. And Wall Street had been expecting post-covid streaming growth, theme park profit and projections for a better year to come during earnings on November 8. Instead, profits rose just 30 cents a share on revenue of 20.15 billion, rather than the expected 54 cents per share on revenues of 21.2 billion.
“After the last earnings call, I felt like the tide had turned against Chapek,” one insider said, observing that Chapek and other Disney executives on the earnings call acted as if it was a...
- 11/21/2022
- by Sharon Waxman and Drew Taylor
- The Wrap
In a stunning piece of development, former Disney CEO Bob Iger has returned to the company as Bob Chapek gets ousted. Very few people, including top executives at the studio, had been informed about the regime change before an email was sent out to the Disney employees breaking the news. This shocking news may come to the pleasure of people who have known that Chapek wasn’t the best choice to run the company since he took over in 2020.
The Hollywood Reporter provides some context from Susan Arnold, Disney’s Chairman of the Board, as she releases a statement on the shocking news.
We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead...
The Hollywood Reporter provides some context from Susan Arnold, Disney’s Chairman of the Board, as she releases a statement on the shocking news.
We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead...
- 11/21/2022
- by EJ Tangonan
- JoBlo.com
In a surprising industry move, The Walt Disney Company’s board of directors announced late Sunday that its CEO Bob Chapek was out and the formerly retired CEO Bob Iger was back in. Susan Arnold, chair of Disney’s board, released a statement that read: “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
The Hollywood Reporter said that many top executives were unaware of the Iger Restoration, and had to slink away from their seats at the American Music Awards, which is broadcast on ABC, or at Elton John’s much-ballyhooed Dodger Stadium farewell show, a Disney+ exclusive. In an email to staff, Iger wrote, “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled,...
The Hollywood Reporter said that many top executives were unaware of the Iger Restoration, and had to slink away from their seats at the American Music Awards, which is broadcast on ABC, or at Elton John’s much-ballyhooed Dodger Stadium farewell show, a Disney+ exclusive. In an email to staff, Iger wrote, “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled,...
- 11/21/2022
- by Jordan Hoffman
- Gold Derby
The world of film has been left stunned by the news that Bob Iger will return to Disney as CEO.
Disney announced the news on Sunday (20 November), revealing that Bob Chapek had chosen to leave the company.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, chairman of the board, said in a statement.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Iger’s return will undoubtedly excite film fans considering he was the one behind Disney’s purchase of Pixar, Marvel and Lucasfilm, which has amassed global box office takings of 10bn (£8.45bn) in total.
He was also CEO when the studio acquired Fox, which will see the studio rake in...
Disney announced the news on Sunday (20 November), revealing that Bob Chapek had chosen to leave the company.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, chairman of the board, said in a statement.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Iger’s return will undoubtedly excite film fans considering he was the one behind Disney’s purchase of Pixar, Marvel and Lucasfilm, which has amassed global box office takings of 10bn (£8.45bn) in total.
He was also CEO when the studio acquired Fox, which will see the studio rake in...
- 11/21/2022
- by Jacob Stolworthy
- The Independent - Film
Click here to read the full article.
While top executives Dana Walden and Craig Erwich were expecting to spend their Sunday evening enjoying the AMAs followed by the Elton John farewell concert at Dodger Stadium, the stunning news that Bob Iger was returning as CEO of Disney while Bob Chapek was out shot through Hollywood like a thunderbolt (both Walden and Erwich tellingly disappeared from the AMAs just before a company-wide email went out to Disney employees). Insiders say few even at the highest levels knew the announcement was coming.
It was an ultimate triumph for Iger, though of course he inherits the same vexing problems plaguing all legacy media companies as their longtime revenue sources dwindle and the shift to streaming continues to be a money-loser while doing increasingly little to charm Wall Street.
One industry source says the Disney board had been divided over keeping Chapek in place for the past several months.
While top executives Dana Walden and Craig Erwich were expecting to spend their Sunday evening enjoying the AMAs followed by the Elton John farewell concert at Dodger Stadium, the stunning news that Bob Iger was returning as CEO of Disney while Bob Chapek was out shot through Hollywood like a thunderbolt (both Walden and Erwich tellingly disappeared from the AMAs just before a company-wide email went out to Disney employees). Insiders say few even at the highest levels knew the announcement was coming.
It was an ultimate triumph for Iger, though of course he inherits the same vexing problems plaguing all legacy media companies as their longtime revenue sources dwindle and the shift to streaming continues to be a money-loser while doing increasingly little to charm Wall Street.
One industry source says the Disney board had been divided over keeping Chapek in place for the past several months.
- 11/21/2022
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Bob Iger was always going to be a tough act to follow. But Bob Chapek’s tenure at the helm of Disney was also marked by unforced errors that ultimately made it impossible to escape Iger’s shadow.
On Sunday night, Chapek was ousted and replaced by Iger, a little less than three years after Chapek succeeded Iger as CEO in February 2020.
Chapek came to the top job from the Parks and Resorts division, and had little experience in dealing with A-list talent and high-pressure political situations. What followed was a series of eye-popping blunders that included a public spat with an actor.
In the summer of 2021, Disney released Marvel’s “Black Widow” concurrently on Disney+ and in movie theaters — boosting the streaming service at the expense of box office revenues. But the company failed to first strike a deal with the film’s star, Scarlett Johansson, whose compensation was...
On Sunday night, Chapek was ousted and replaced by Iger, a little less than three years after Chapek succeeded Iger as CEO in February 2020.
Chapek came to the top job from the Parks and Resorts division, and had little experience in dealing with A-list talent and high-pressure political situations. What followed was a series of eye-popping blunders that included a public spat with an actor.
In the summer of 2021, Disney released Marvel’s “Black Widow” concurrently on Disney+ and in movie theaters — boosting the streaming service at the expense of box office revenues. But the company failed to first strike a deal with the film’s star, Scarlett Johansson, whose compensation was...
- 11/21/2022
- by Gene Maddaus and Matt Donnelly
- Variety Film + TV
Disney’s Bob Iger reached out to House of Mouse employees Sunday with the shocking news that he’s replacing Bob Chapek as chief executive, effectively immediately, noting “an incredible sense of gratitude and humility—and, I must admit, a bit of amazement.” He’s not the only one.
The tale of the two Bobs has been ongoing since Chapek surprisingly replaced Iger in early 2020 just as Covid hit, and it turned into a bit of a feud as the new CEO was said to resent the former breathing down his neck. Some high profile missteps had Wall Streeters and industry insiders questioning Chapek’s future at the company but those voices grew more muted after Disney’s board of directors appeared to settle the question by voting in June, unanimously, to renew his original contract, which expired in February 2023, with a new three-year agreement that started July 1. “Bob is...
The tale of the two Bobs has been ongoing since Chapek surprisingly replaced Iger in early 2020 just as Covid hit, and it turned into a bit of a feud as the new CEO was said to resent the former breathing down his neck. Some high profile missteps had Wall Streeters and industry insiders questioning Chapek’s future at the company but those voices grew more muted after Disney’s board of directors appeared to settle the question by voting in June, unanimously, to renew his original contract, which expired in February 2023, with a new three-year agreement that started July 1. “Bob is...
- 11/21/2022
- by Jill Goldsmith
- Deadline Film + TV
Los Angeles, Nov 21 (Ians) The Walt Disney Company has announced that Robert A. Iger (Bob Iger) is returning to head the company, as Bob Chapek has stepped down as CEO amid the company’s plans to reduce workforce to navigate the rough global conditions.
Iger, who left the company last year, after spending more than four decades at the company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years.
He will work closely with the Board in developing a successor to lead the company at the completion of his term, Disney said in a statement late on Sunday.
“We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation,...
Iger, who left the company last year, after spending more than four decades at the company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years.
He will work closely with the Board in developing a successor to lead the company at the completion of his term, Disney said in a statement late on Sunday.
“We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation,...
- 11/21/2022
- by Glamsham Bureau
- GlamSham
Bob Chapek out after turbulent tenure.
In a stunning development that reads like a film plot, Bob Iger has come out of retirement to return as CEO of The Walt Disney Company for two years. He replaces Bob Chapek, who departs after less than three years into a tenure defined by pandemic struggles and a string of high-profile faux pas.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO,” said Iger on Sunday night. “Disney and its incomparable brands and franchises hold a special place...
In a stunning development that reads like a film plot, Bob Iger has come out of retirement to return as CEO of The Walt Disney Company for two years. He replaces Bob Chapek, who departs after less than three years into a tenure defined by pandemic struggles and a string of high-profile faux pas.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its CEO,” said Iger on Sunday night. “Disney and its incomparable brands and franchises hold a special place...
- 11/21/2022
- by Jeremy Kay
- ScreenDaily
We've got a late weekend bombshell, so buckle up. Bob Iger, the former CEO of Disney who helped see the company become an all-encompassing media empire like no other, is coming back. That's right, current Chief Executive Officer Bob Chapek, who took over following Iger's departure, is now stepping down. Iger is going to be Disney's CEO once again effective immediately.
The news first started circulating online thanks to internal communications at Disney, but has since been confirmed by the company in a press release. /Film obtained the email sent to employees from Iger, which reads as follows:
"It is with an incredible sense of gratitude and humility—and, I must admit, a bit of amazement—that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer. When I look at the creative success of our teams across our Studios,...
The news first started circulating online thanks to internal communications at Disney, but has since been confirmed by the company in a press release. /Film obtained the email sent to employees from Iger, which reads as follows:
"It is with an incredible sense of gratitude and humility—and, I must admit, a bit of amazement—that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer. When I look at the creative success of our teams across our Studios,...
- 11/21/2022
- by Ryan Scott
- Slash Film
There’s been a stunning turn of events inside the Mouse house.
Walt Disney’s embattled CEO, Bob Chapek. has stepped down from his post; he will be replaced by his predecessor Bob Iger.
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“The Walt Disney Company announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately,” Disney’s Board of Directors announced late Sunday.
Walt Disney’s embattled CEO, Bob Chapek. has stepped down from his post; he will be replaced by his predecessor Bob Iger.
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“The Walt Disney Company announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately,” Disney’s Board of Directors announced late Sunday.
- 11/21/2022
- by Michael Ausiello
- TVLine.com
The Walt Disney Co. has announced that Bob Chapek will step down as CEO, effective immediately, and will be replaced by his predecessor Bob Iger.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” chairman of the board Susan Arnold said in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” chairman of the board Susan Arnold said in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.
- 11/21/2022
- by Christian Zilko
- Indiewire
Updated with Bob Iger’s full memo and pre-market trading:
Bob Iger has replaced Bob Chapek as Disney’s CEO, a shocking turn of events for the world’s largest media company that has been in turmoil ever since Iger stepped down as CEO in February 2020.
The shakeup that caught the entertainment industry and Wall Street mostly by surprise was confirmed by Disney’s board of directors late Sunday. There had been rumblings of a shakeup in the C-suite but the prospect of Iger returning to the CEO job still seemed far-fetched. The turnabout recalls a situation a generation ago at Apple in 1997 when Steve Jobs returned to the helm of the company he co-founded after 12 years in the wilderness. Iger was out of power as CEO for a little under three years.
Disney stock jumped 8 in pre-market trading to 91.80/share early Monday morning in response to Iger’s stunning reinstatement.
Bob Iger has replaced Bob Chapek as Disney’s CEO, a shocking turn of events for the world’s largest media company that has been in turmoil ever since Iger stepped down as CEO in February 2020.
The shakeup that caught the entertainment industry and Wall Street mostly by surprise was confirmed by Disney’s board of directors late Sunday. There had been rumblings of a shakeup in the C-suite but the prospect of Iger returning to the CEO job still seemed far-fetched. The turnabout recalls a situation a generation ago at Apple in 1997 when Steve Jobs returned to the helm of the company he co-founded after 12 years in the wilderness. Iger was out of power as CEO for a little under three years.
Disney stock jumped 8 in pre-market trading to 91.80/share early Monday morning in response to Iger’s stunning reinstatement.
- 11/21/2022
- by Cynthia Littleton
- Variety Film + TV
Click here to read the full article.
In a stunning turn of events, The Walt Disney Co. says that Bob Chapek will step down as CEO, with Bob Iger returning to lead the company.
Disney’s board of directors announced the decision Sunday night.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of the board, in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Chapek had just signed a new multi-year contract in June, after speculation following the ouster of TV chief Peter Rice earlier that month prompted the board to issue a notable public statement backing the CEO after the move.
Iger even acknowledged in an...
In a stunning turn of events, The Walt Disney Co. says that Bob Chapek will step down as CEO, with Bob Iger returning to lead the company.
Disney’s board of directors announced the decision Sunday night.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of the board, in a statement. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Chapek had just signed a new multi-year contract in June, after speculation following the ouster of TV chief Peter Rice earlier that month prompted the board to issue a notable public statement backing the CEO after the move.
Iger even acknowledged in an...
- 11/21/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
Bob Iger is returning to the Walt Disney Company as CEO effective immediately, replacing his successor Bob Chapek, who has stepped down from his position, Disney announced Sunday night.
The stunning and unexpected move comes as Disney’s stock has dropped 41 since the beginning of the year, although every other entertainment stock has similarly dropped. The board’s radical decision follows by about a week Disney’s poor showing in Q3 earnings.
Iger has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and work closely with it to develop a successor to lead the company at the completion of his term.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “The Board...
The stunning and unexpected move comes as Disney’s stock has dropped 41 since the beginning of the year, although every other entertainment stock has similarly dropped. The board’s radical decision follows by about a week Disney’s poor showing in Q3 earnings.
Iger has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and work closely with it to develop a successor to lead the company at the completion of his term.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “The Board...
- 11/21/2022
- by Adam Chitwood
- The Wrap
After less than a year in retirement, Bob Iger has returned as the CEO of the Walt Disney Company.
The company’s board has sent out a notice that Bob I. is back and the recently re-upped Bob Chapek is out. “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling,” Iger wrote tonight in an email to staffers.
Having handed over the baton as CEO in February 2020 to Chapek — a stunning move unto itself at the time — and then serving as executive chairman until the end of 2021, Iger will be CEO for a second time for the next two years, the company says. His mission will also include identifying a successor, something Iger had difficulty doing while commanding the troops the last time, postponing multiple plans to step down during his 15 years in the top job,...
The company’s board has sent out a notice that Bob I. is back and the recently re-upped Bob Chapek is out. “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling,” Iger wrote tonight in an email to staffers.
Having handed over the baton as CEO in February 2020 to Chapek — a stunning move unto itself at the time — and then serving as executive chairman until the end of 2021, Iger will be CEO for a second time for the next two years, the company says. His mission will also include identifying a successor, something Iger had difficulty doing while commanding the troops the last time, postponing multiple plans to step down during his 15 years in the top job,...
- 11/21/2022
- by Dominic Patten and Dade Hayes
- Deadline Film + TV
The Walt Disney Co., after some cage-rattling by activist investor Daniel Loeb, has added former Viacom and Facebook exec Carolyn Everson to its board of directors.
Everson, 50, will officially join the board on November 21. Loeb, in a letter to company CEO Bob Chapek, had drawn attention to the relative lack of media and tech experience among board members. He made other criticisms, including the decision to stand pat with ESPN, though he later issued a partial withdrawal of the grievances, citing productive conversations with Chapek.
In a press release, the company said Everson’s selection as the company’s 12th board member “follows a lengthy and comprehensive search, and reinforces Disney’s commitment to a strong, independent board focused on the long-term performance of the company.” The release notes that the selection of Everson was backed by Loeb’s hedge fund, Third Point, “which has entered into a support agreement...
Everson, 50, will officially join the board on November 21. Loeb, in a letter to company CEO Bob Chapek, had drawn attention to the relative lack of media and tech experience among board members. He made other criticisms, including the decision to stand pat with ESPN, though he later issued a partial withdrawal of the grievances, citing productive conversations with Chapek.
In a press release, the company said Everson’s selection as the company’s 12th board member “follows a lengthy and comprehensive search, and reinforces Disney’s commitment to a strong, independent board focused on the long-term performance of the company.” The release notes that the selection of Everson was backed by Loeb’s hedge fund, Third Point, “which has entered into a support agreement...
- 9/30/2022
- by Dade Hayes
- Deadline Film + TV
As a top executive at Facebook and Instacart, Carolyn Everson knows a lot about the habits of tech-savvy consumers. Soon, she may be able to help Walt Disney Co. figure out how to harness them.
Disney plans to expand its board of directors to 12 from 11 and nominated Everson as a new member. The move is supported by Third Point LLC, the activist investor that in August took a new stake in Disney and suggested a litany of big moves, such as spinning off ESPN or buying out Comcast’s ownership of Hulu.
“We have a productive and collegial relationship with Third Point, with whom we share a deep commitment to continue building on Disney’s many successes and increasing shareholder value,” said Disney CEO Bob Chapek in a prepared statement.
Everson has extensive experience that may help bridge the gap between Disney’s traditional media portfolio and some of the...
Disney plans to expand its board of directors to 12 from 11 and nominated Everson as a new member. The move is supported by Third Point LLC, the activist investor that in August took a new stake in Disney and suggested a litany of big moves, such as spinning off ESPN or buying out Comcast’s ownership of Hulu.
“We have a productive and collegial relationship with Third Point, with whom we share a deep commitment to continue building on Disney’s many successes and increasing shareholder value,” said Disney CEO Bob Chapek in a prepared statement.
Everson has extensive experience that may help bridge the gap between Disney’s traditional media portfolio and some of the...
- 9/30/2022
- by Brian Steinberg
- Variety Film + TV
Updated with Disney’s response. Disney has responded to a letter from Third Point’s Daniel Loeb, reaffirming the leadership of CEO Bob Chapek and pushing back at Loeb’s call for a “refresh” of the company’s board.
“We welcome the views of all our investors,” Disney said in a statement. “As our third quarter results demonstrate, The Walt Disney Company continues to deliver strong financial results powered by world-class storytelling and our unique and highly valuable content creation and distribution ecosystem. Under the leadership of Bob Chapek, the company has delivered this strong performance while navigating the Covid-19 pandemic and its aftermath, including record streaming subscriptions and the reopening of our parks, where we have seen strong revenue and profit growth in our domestic parks business.”
As to the board, the statement described the body as an “independent and experienced” group with “significant expertise in branded, consumer-facing and...
“We welcome the views of all our investors,” Disney said in a statement. “As our third quarter results demonstrate, The Walt Disney Company continues to deliver strong financial results powered by world-class storytelling and our unique and highly valuable content creation and distribution ecosystem. Under the leadership of Bob Chapek, the company has delivered this strong performance while navigating the Covid-19 pandemic and its aftermath, including record streaming subscriptions and the reopening of our parks, where we have seen strong revenue and profit growth in our domestic parks business.”
As to the board, the statement described the body as an “independent and experienced” group with “significant expertise in branded, consumer-facing and...
- 8/15/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
This week Walt Disney Co. CEO Bob Chapek, joined by dozens of others representing the business and political elite, is in Sun Valley, Idaho, for the annual Sun Valley Conference, hosted by the boutique investment bank Allen & Co.
Instead of conducting business next to the wood-paneled walls of the bank’s New York office (many of which are adorned with fine art featuring a Western motif), they gather in the foothills of the Rocky Mountain’s proper, and take stock of the state of the world…and their businesses.
Since taking over as CEO of Disney in February 2020, Bob Chapek has been fond of noting the company’s 100th anniversary, which will be next year.
Chapek has used the anniversary to rally the troops, and to call for leaning into the company’s strengths, while reimagining what it is capable of. He has...
This week Walt Disney Co. CEO Bob Chapek, joined by dozens of others representing the business and political elite, is in Sun Valley, Idaho, for the annual Sun Valley Conference, hosted by the boutique investment bank Allen & Co.
Instead of conducting business next to the wood-paneled walls of the bank’s New York office (many of which are adorned with fine art featuring a Western motif), they gather in the foothills of the Rocky Mountain’s proper, and take stock of the state of the world…and their businesses.
Since taking over as CEO of Disney in February 2020, Bob Chapek has been fond of noting the company’s 100th anniversary, which will be next year.
Chapek has used the anniversary to rally the troops, and to call for leaning into the company’s strengths, while reimagining what it is capable of. He has...
- 7/7/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
Walt Disney CEO Bob Chapek won praise in many corners in 2020 for ably steering the company through the devastation of Covid after taking the baton from Bob Iger early in that fateful year.
The year-and-a-half since has seen much more blowback along with bouquets, with the sharp pullback in Disney’s share price reflecting in part lingering questions about the future of the seventh person ever to serve as CEO in the company’s 99-year history. He publicly clashed with Scarlett Johansson over the release of Black Widow, ejected widely respected executive Peter Rice with minimal explanation, and fumbled (by his own admission) the company’s response to Florida’s “Don’t Say Gay” legislation.
Earlier today, though, Chapek got a 3-year contract renewal from the Disney board of directors. The announcement of the widely expected renewal capped a two-day meeting of the board. Today, the newly re-upped boss will be back in his element,...
The year-and-a-half since has seen much more blowback along with bouquets, with the sharp pullback in Disney’s share price reflecting in part lingering questions about the future of the seventh person ever to serve as CEO in the company’s 99-year history. He publicly clashed with Scarlett Johansson over the release of Black Widow, ejected widely respected executive Peter Rice with minimal explanation, and fumbled (by his own admission) the company’s response to Florida’s “Don’t Say Gay” legislation.
Earlier today, though, Chapek got a 3-year contract renewal from the Disney board of directors. The announcement of the widely expected renewal capped a two-day meeting of the board. Today, the newly re-upped boss will be back in his element,...
- 6/29/2022
- by Jill Goldsmith and Dade Hayes
- Deadline Film + TV
The Disney CEO has been under pressure over a number of issues.
The Walt Disney Company has extended chief executive officer Bob Chapek’s contract for three years, giving a vote of confidence to the under-pressure Disney boss.
Chapek’s contract had been up for renewal next February, but his new contract runs to mid-2025.
A 30-year Disney veteran, Chapek took over from Bob Iger as company CEO in February 2020. Over the past year Chapek has had to deal with a contract dispute involving Scarlett Johansson and faced criticism over his handling of Disney’s response to the ‘Don’t...
The Walt Disney Company has extended chief executive officer Bob Chapek’s contract for three years, giving a vote of confidence to the under-pressure Disney boss.
Chapek’s contract had been up for renewal next February, but his new contract runs to mid-2025.
A 30-year Disney veteran, Chapek took over from Bob Iger as company CEO in February 2020. Over the past year Chapek has had to deal with a contract dispute involving Scarlett Johansson and faced criticism over his handling of Disney’s response to the ‘Don’t...
- 6/28/2022
- by John Hazelton
- ScreenDaily
Disney CEO Bob Chapek has gotten a new long-term contract as the board meets this week. Directors voted unanimously to replace his current deal, which expires in February 2023, with a new three-year agreement starting July 1.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm but emerged in a position of strength,” said Susan Arnold, Chairman of the Board. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team,” the board said.
Chapek has been having a rough ride as CEO, and some wondered whether...
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm but emerged in a position of strength,” said Susan Arnold, Chairman of the Board. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team,” the board said.
Chapek has been having a rough ride as CEO, and some wondered whether...
- 6/28/2022
- by Jill Goldsmith
- Deadline Film + TV
The Disney board of directors has unanimously voted to extend Bob Chapek’s contract. He will remain CEO for three more years.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” Susan Arnold, the chairman of Disney’s board, said in a statement on Tuesday. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.”
“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” Chapek, who is 63, added.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” Susan Arnold, the chairman of Disney’s board, said in a statement on Tuesday. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.”
“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” Chapek, who is 63, added.
- 6/28/2022
- by Tony Maglio
- Indiewire
In a unanimous vote among Disney’s board of directors Tuesday, the company leadership has opted to extend CEO Bob Chapek’s contract for three years, beginning July 1, 2022 until 2025. His deal was set to expire in February 2023.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses – from parks to streaming – not only weathered the storm, but emerged in a position of strength,” Susan Arnold, chairman of the board, said in a statement Tuesday. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for the Walt Disney Company, and the Board has full confidence in him and his leadership team.”
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“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses – from parks to streaming – not only weathered the storm, but emerged in a position of strength,” Susan Arnold, chairman of the board, said in a statement Tuesday. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for the Walt Disney Company, and the Board has full confidence in him and his leadership team.”
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- 6/28/2022
- by Brandon Katz and Jolie Lash
- The Wrap
Embattled Walt Disney Company chief Bob Chapek got a critical endorsement after the entertainment giant’s board of directors voted unanimously on Tuesday to extend his contract for an additional three years.
The move comes as Chapek’s future has been hotly debated around Hollywood and in media circles. After taking the reins from his charismatic predecessor Bob Iger, Chapek got plaudits for his no-nonsense approach to growing Disney’s streaming service. And he and the company’s stock was initially rewarded when Disney+ blew past subscriber projections after launching in 2019. That helped off-set the lost revenues that Disney had to endure when Covid forced the company to shutter its parks and cruise businesses temporarily.
But there were several missteps. Most notably, when Chapek dealt with a near staff revolt in the wake of his botched response to an anti-gay bill in Florida, where Walt Disney World is located. Chapek...
The move comes as Chapek’s future has been hotly debated around Hollywood and in media circles. After taking the reins from his charismatic predecessor Bob Iger, Chapek got plaudits for his no-nonsense approach to growing Disney’s streaming service. And he and the company’s stock was initially rewarded when Disney+ blew past subscriber projections after launching in 2019. That helped off-set the lost revenues that Disney had to endure when Covid forced the company to shutter its parks and cruise businesses temporarily.
But there were several missteps. Most notably, when Chapek dealt with a near staff revolt in the wake of his botched response to an anti-gay bill in Florida, where Walt Disney World is located. Chapek...
- 6/28/2022
- by Brent Lang
- Variety Film + TV
Click here to read the full article.
The Walt Disney Co. is sticking with Bob Chapek.
The CEO, who took over from the well-liked Bob Iger just a month before the novel coronavirus pandemic disrupted the world (and of course nearly every line of Disney’s business), has agreed to a new long-term contract to continue leading the entertainment giant.
Disney’s board of directors announced the new three-year contract extension Tuesday, saying the decision was “unanimous.” The new contract begins on July 1, and runs into 2025. The board had previously said that Chapek “and his leadership team have the support and confidence of the Board,” in the wake of Chapek’s decision to oust general entertainment chief Peter Rice and elevate Dana Walden to the top content role.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses—from parks to streaming—not only weathered the storm,...
The Walt Disney Co. is sticking with Bob Chapek.
The CEO, who took over from the well-liked Bob Iger just a month before the novel coronavirus pandemic disrupted the world (and of course nearly every line of Disney’s business), has agreed to a new long-term contract to continue leading the entertainment giant.
Disney’s board of directors announced the new three-year contract extension Tuesday, saying the decision was “unanimous.” The new contract begins on July 1, and runs into 2025. The board had previously said that Chapek “and his leadership team have the support and confidence of the Board,” in the wake of Chapek’s decision to oust general entertainment chief Peter Rice and elevate Dana Walden to the top content role.
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses—from parks to streaming—not only weathered the storm,...
- 6/28/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
The abruptness and timing of Peter Rice’s firing last week by Disney CEO Bob Chapek remains a complete mystery to many, including Rice, I’m told. The move came as a total shock to the industry and to the well-respected media executive, who is unusual in having spent his entire industry career at one studio, 20th Century Fox, and then its successor company, Disney.
As everyone now knows, Rice had absolutely no idea what was about to happen when his boss called him into a meeting on June 8, and I hear he was told that Chapek wanted to discuss the Disney board meeting taking place in Orlando later this month, at which Rice was scheduled to make a presentation.
Instead, in a conversation that lasted all of seven minutes, Chapek informed Rice that he was letting him go because he wasn’t a good fit for him or the “new culture” at Disney.
As everyone now knows, Rice had absolutely no idea what was about to happen when his boss called him into a meeting on June 8, and I hear he was told that Chapek wanted to discuss the Disney board meeting taking place in Orlando later this month, at which Rice was scheduled to make a presentation.
Instead, in a conversation that lasted all of seven minutes, Chapek informed Rice that he was letting him go because he wasn’t a good fit for him or the “new culture” at Disney.
- 6/15/2022
- by Claudia Eller
- Variety Film + TV
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