Disney CEO Bob Chapek is cozying up to Republican lawmakers ahead of the midterm elections, according to a new report. 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, he added. No one expected it to fall apart this fast, the executive said. Ron DeSantis over the GOP-backed Dont Say Gay law. In a surprise Sunday night twist, the Walt Disney Co. said Iger had been re-appointed to CEO, "effective immediately." The move dethrones Iger's successor, Bob Chapek, who was named to the top job in February 2020, and just inked a new multi-year contract in June. Disney is preparing for Republicans to take control of the House, as polls suggest the party has an edge over Democrats in the days before the midterm elections. Those who oppose E.S.G. Bob Iger is replacing Bob Chapek as CEO of the Walt Disney Company, who in 2020 had replaced Bob Iger as CEO. Please let us know if you're having issues with commenting. Thanks for reading! Please email thoughts and suggestions to dealbook@nytimes.com. Heres an example of how mistakes tend to propagate. Photo: Matt Stroshane/Courtesy Disney Parks. To a larger point, the only thing that could potentially save Reedy Creek is that Iger shares a better relationship with and understanding of politicians than Chapek ever did. The day after, the S.E.C. Were talking about multiple generations of irreplaceable knowledge thrown out the door as de facto budget cuts. FTXs collapse kicked off investigations by the Justice Department and the Securities and Exchange Commission focused on whether FTX improperly used customer funds to prop up Alameda Research, a crypto trading platform that Mr. Bankman-Fried had helped start. Bob Chapek, Chief Executive Officer of Disney, speaks at the 2022 Disney Legends Awards during Disney's D23 Expo in Anaheim, California, September 9, 2022. Disney CEO Bob Chapek apologized to staff Friday following a disastrous week that saw his company engulfed in the political firestorm surrounding Florida's "Don't Say Gay" bill.. By Andrew Ross Sorkin,Ravi Mattu,Bernhard Warner,Sarah Kessler,Stephen Gandel,Michael J. de la Merced,Lauren Hirsch and Ephrat Livni. As we all know now, Chapek ignored DeSantis' advice, caved to the mob's demands to come out publicly against the parental rights bill, and then doubled down with a pledge that Disney would pursue . Slectionnez Grer les paramtres pour grer vos prfrences. If Chapek had continued in the CEO role for another five years, who knows what a Disney Genie+ purchase would have cost? Traders rushed to withdraw from FTX, causing the company to have a $8 billion shortfall. Even as House Republicans lack much of the formal power they would gain by winning the majority, they have tried to pressure Disney and other companies over their stances on social issues. When Iger stepped down as CEO in February 2020 effective immediately, tensions between him and Chapek were already running high. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. In fact, less than a month later, Iger randomly claimed that he was still running the company. The conversations this year are taking place as Republicans on Capitol Hill attack Disney and other companies as "woke" after they took stances on a range of political or cultural issues. The annual Disney Legends Ceremony kicked off the ultimate Disney fan weekend at the Anaheim Convention Center, but the top . Bloomberg via Getty Images. Chapek said the company was pausing campaign donations in Florida following the bill's passage. California - Do Not Sell My Personal Information. Mr. Chapeks tenure was marked by the pandemic and PR disasters. In fact, Disney raised the price of Disney Genie+ and Lightning Lane multiple times. Mario Anzuoni/ReutersIt would appear that former chief executive Bob Iger has won the Disney War. Disney CEO Bob Chapek has sent out a company-wide email addressing the controversial "Don't Say Gay Bill" in the Florida Legislation. FTXs collapse kicked off investigations by the Justice Department and the Securities and Exchange Commission focused on whether FTX improperly used customer funds to prop up Alameda Research, a crypto trading platform that Mr. Bankman-Fried had helped start. I'm not even joking. Instead, when Disneys Board of Directors sought a potential replacement, they already had the ideal candidate available in Iger, who didnt mind twisting the knife in Chapeks back. The move proved disastrous on Chapeks part when the state of Florida stripped Disney of its special tax jurisdiction that essentially allowed it to function like a city government. New York CNN . Florida governor Ron DeSantis is calling out former Walt Disney Co. CEO Bob Chapek. By contrast, Chapek who inherited Rice from his predecessor, former Disney CEO Bob Iger waited two full years before making last week's move. Joe Burbank/Orlando Sentinel, via Associated Press, Last year, Changpeng Zhao, the chief executive of, Mr. Zhaos announcement drove down the price and spooked investors. Iger also purportedly viewed Chapek as arrogant and uninterested in other peoples opinions.. As the controversy over the Parental Rights in Education bill was coming to a head, Chapek called me," Florida's governor writes. Im someone who can honestly say that I like Bob Chapek, but Disney is substantially better off with someone else as CEO. The letter specifically called out the company for speaking against the DeSantis-signed legislation. Robert Alan Chapek (born 1960) is a former American media executive who was the chief executive officer (CEO) of The Walt Disney Company from 2020 to 2022. Disney shares soared in premarket trading this morning, but are off by more than 40 percent this year. What is FTX? Disney has fired its CEO Bob Chapek and will replace him with his predecessor, former CEO Bob Iger, the company said in a shocking announcement on Sunday. (NYT), Cigars, booze, money: How a lobbying blitz made sports betting ubiquitous. (NYT), Activist investor campaigns are on the rise. Interested in booking a Disney Vacation? Wed like your feedback! Thus, he has tried many new things and impressed the visitors there. David Ng. Chapek falls short of denouncing the legislation and says that the company will instead continue to focus on creating an inclusive environment in its content. (Mr. Peltz, though, doesnt want Iger back, The Wall Street Journal reports. (NYT), Ben Affleck and Matt Damon have raised $100 million to start an independent film production company. In a letter to employees at the time, Disney CEO Bob Chapek said that the company will be making tough and uncomfortable decisions., File/Bob Chapek, (L) Walt Disney Company CEO and Bob Iger, Executive Chairman of Walt Disney Company speak during The Worlds Most Magical Celebration Walt Disney World Resort 50th Anniversary at Magic Kingdom on September 30, 2021 in Orlando, Florida. The highly paid CEO felt that she was being greedy at a time when many were suffering due to the pandemic, and his people said as muchpublicly. When Disney announced its intent to release some big-budget movies on Disney+, its officials should have recognized the flaw here. Bob Chapek succeeded Iger as CEO just before the COVID-19 pandemic. 5 The Theme Park Employees Were Grumpy. We are going to have to make tough and uncomfortable decisions. The day Florida Governor Ron DeSantis signed the bill stripping Walt Disney World's special self-governing status into law, an excerpt from his forthcoming book "The Courage to Be Free: Florida's Blueprint for American Revival" reveals the advice the Sunshine State's Republican leader gave to Disney's since-ousted CEO Bob Chapek that could have saved him a lot of trouble, and maybe even his job. Traders rushed to withdraw from FTX, causing the company to have a $8 billion shortfall. While the succession plan called for Chapek to report to both Iger and the Iger-led Disney board, their relationship soured quickly. There is no question that Chapek was under tremendous pressure. Anyone can read what you share. The Murdochs call most but not all of the shots. . He was born Robert Alan Chapek on 21 August 1960, in Chicago, Illinois, the United States, and raised in Hammond, Indiana, U.S. Joffreys Holiday Blends Arrive at Disney Springs, Celebrate Soulfully Has Arrived at Disneyland Resort. Comment below and let us know if you think it is okay for Disney to talk to elected officials. On March 28, one day after the bill was mocked on the Oscars telecast, Florida Gov. Dan Loeb, the activist investor, had been pushing Disney to combine Hulu with Disney+, the companys own streaming service. Had he maintained a close relationship with his former boss, Chapek could have called on Iger for help as needed. In February 2020, Bob Iger suddenly announced his impending retirement. Imagineering IS Disney for many people. This call should have indicated that Disney would make the financial difference up to her. Over the weekend, the failed crypto exchange, founded by Sam Bankman-Fried, revealed that its combined businesses owed a total of $3.1 billion to its top 50 creditors. When Disney chose a Disney+ release for the title, the first call should have gone to ScarJo and her team. Disclosure reports show that since members of the Freedom Caucus sent the letter to Chapek, Disney added former House Republicans Bob Goodlatte and Greg Walden to its legion of lobbyists. Created in 2005, what started as a tiny central Florida-based website and short weekly podcast that allowed our audience to visit Walt Disney World virtually has grown into the publishing company it is today. DeSantis Puts State Attorney on Notice for Allowing Pine Hills Shooter to Be McCarthy Tells CNN Why He Gave J6 Security Footage to Tucker Carlson, To Save America From Washington, Congress Needs Spending Reforms, China Sends an Ominous Message to Elon Musk, Biden Tells 'Creepy' Story About Nurse Who Would Breathe on Him. Over the past three years, the sheer volume of park increases and cost reductions is almost incomprehensible. One of These Things Is Not Like the Other: Here's Who Will Be GOP Senators Torch Garland for Targeting Pro-Life Activists in the Aftermath of Dobbs, Lightfoot Blames Racism, Sexism for Reelection Defeat, CNN Embarrasses Themselves on Biden's Illegal Student Loan Scheme, Garland Gives Curious Explanation About Why Mexican Cartels Aren't Classified as Terrorists, You May Believe Trump Wrong on Everything But He Is Correct about Ukraine, Meghan Markle and Husband Harry Get Evicted From Their Royal Estate, AG Garland defends DOJ/FBI targeting peaceful pro-lifers instead of pro-abort domestic terrorists. The Disney brand became so undeniably toxic in recent months that the companys bottom line fell out right from under it, leading to layoffs, drops in stock prices, and overall negative employee morale. In March, CNBC reported that Igers commentary on the matter had chafed Chapek. Over the past three years, the sheer volume of park increases and cost reductions is almost incomprehensible. Chapek told DeSantis that Disney gets "pressured all the time," but said that the brewing outrage based entirely on a leftist smear of the bill was "different." Later, this schism proved fatal to Chapeks Disney career. The company has issued a series of statements saying it has no loans outstanding to FTX or its founder. DeSantis signs bill placing Disney district under state control, Disneyland record holder has no plans to beat streak after price hikes. He raised park prices. Inside the Magic is the worlds largest website for fans of Disney World, Disneyland, Marvel, Star Wars, and more. Earnings: Dollar Tree, Best Buy. When Disney faced criticism for remaining silent over Floridas Dont Say Gay legislation, Iger publicly contradicted his replacement noting onFeb. 24 that he agreed with President Bidens stance that it was a hateful bill.. We've received your submission. All Rights Reserved. Ron DeSantis' New Book Describes Phone Call With Bob Chapek, Says Then-Disney CEO Talked Of Unprecedented Pressure To Weigh In On "Don't Say Gay" Bill . Culture critic, and video creator. But Disney gave Chapek a fresh contract extension in June complete with a $20 million annual bonus a sign that he still has the boards confidence. After feeling pressure from employees, Chapek and Disney publicly opposed the bill, including after DeSantis signed it. Who is Sam Bankman-Fried? The GOP has partly used the criticism of companies to mobilize conservative voters ahead of elections. Why, then, did the CEO systematically destroy Disneys California roots? FTX is a now bankrupt company that was one of the worlds largest cryptocurrency exchanges. DeSantis this morning to express our disappointment and concern that if the legislation becomes law, it could be used to unfairly target gay, lesbian, non-binary, and transgender kids and families, Chapek said at the time. Investors Cheer Leadership Shakeup at Disney, https://www.nytimes.com/2022/11/21/business/dealbook/disney-leadership-shakeup-iger-chapek.html. Image Source: The Walt Disney Company According to Latondra Newton (pictured above), Disney's Chief Diversity Officer, Chapek will participate in a March 22 conversation with LGBTQ leaders at the Walt Disney Company. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globemost especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. That's right, the Wall Street banker who runs a firm . Im not even joking. Price $12.5 million. (Gerardo Mora/Getty). Sie knnen Ihre Einstellungen jederzeit ndern. Friday: Black Friday starts the most crucial shopping season for department stores and apparel retailers. Democratic lawmakers are calling for an investigation and tighter ethics rules for justices, after reports that a 2014 decision on contraception was disclosed in advance to anti-abortion activists. Binance, FTXs main rival, offered a loan to save the company but later pulled out, forcing FTX to. The reversal is the latest controversy to hit an event beset by accusations of human rights abuses and corruption allegations. The winner in the whole affair was clearly Florida Republicans, namely Ron DeSantis who sailed to victory in his 2022 reelection bid by almost 20 points. Between Chapek's cheap ways, a famous spat with Scarlett Johansson, and his recent bumbles with current events, the CEO's gritty, money-focused style seems to contradict the core values of the Disney Company.. Let us know what you think about Bob Chapek's leadership style in the comments below. Will Iger try to bring them back? Disney CEO Bob Chapek has reportedly fallen out with former CEO Bob Iger, causing a rift that could cause issues for the wider company. The authorities imposed tough restrictions on a city near Beijing that was seen as a test case for the countrys easing of its strict pandemic policies. Even worse, Chapek arrogantly called her out for wanting her money. A rigorous consideration of ESG factors to evaluate Value the risk and reward of a potential investment not Values a subjective preference benefits investors, the Democratic A.G.s write. 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