Disney CEO Bob Chapek and his management team have the “support and trust” of the company’s board of directors, board chairman Susan Arnold said in a statement.
The confirmation comes on a surprising day for the company, as Chapek fired TV CEO Peter Rice a year after signing the contract renewal. His place is taken by his former lieutenant Dana Walden.
On a broader business front, Rice News came as Chapek neared his contract expiration in February. Although there was a general expectation that Chapek would return, Rice was seen as his most powerful national candidate to replace him. The famous executive, who came to Disney with a $ 71.3 billion stake in most of 21st Century Fox, is said to have been high on Warner Bros. Discovery’s wish list, though he declined to comment.
“The strength of the Walt Disney Company’s business as it emerges from the pandemic is a testament to Bob’s leadership and vision for the future of the company,” said Arnold. “At this pivotal time of business growth and transformation, we are poised to keep Disney on the path to success it is today, with Bob and his leadership team supported and trusted by the Board.
So far, Disney shares are only slightly off the news, falling 2% to $ 105.39 by noon amid a large market decline. The title returned to its lowest point in April 2020 when a coronavirus pandemic paralyzed the company’s operations in theme parks, live sports and film production and distribution.
News that Rice was considered to be out of line with Disney’s corporate culture led to an exciting time for Chapek, who was targeted in 2022 for how the company responded to the Don’t Say legislation. Gay “of Florida. The company split from its corporate communications chief, Jeff Morel, amid protests.
Many found themselves on Wall Street in “still in process” mode. “I didn’t see it coming,” tweeted Lightshed Partners’ Rich Greenfield. “Remind us why Disney spent all that money on Fox !?”
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
