Well, that didn’t take long.
Hours after the move that sent shockwaves through Hollywood and Wall Street, Disney’s stock price soared almost 10% when the markets opened for trading Monday.
If there was a living, breathing example of a politically progressive CEO, his name was Bob Chapek. His brief tenure as CEO of the Walt Disney Company failed on every conceivable level, the primary one being where it hurt shareholders the most in stock price and revenue.
His disgraceful 11-month term should guarantee him a spot on the Mount Rushmore of failed CEOs, and the Disney board moved swiftly Sunday night, kicking Chapek to the curb and welcoming back their most successful CEO, Bob Iger.
Can you imagine the bargaining power Iger had?
Here’s part of his email to Disney employees.
“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.”
Just the fact that he was back and Chapek was out made investors giddy.
Just this year, Disney’s shares had fallen over 40%. Revenues were down drastically, and the company was about to implement massive spending cuts, clearly, a crisis mode that a feeble and ineffective executive like Chapek was unqualified to handle.
It was time for an adult to return to the big chair before Chapel ran it entirely into the ground.
Iger has agreed to stay on board for two years, and he will help pick his successor. His previous run as CEO at the Mouse company lasted 15 years, but he was instrumental in selecting Chapek as his replacement, which might have been part of his game plan all along.
As for Chapel? Of course, he’ll get a golden parachute, and if he intends to stay with the company, there is a job opening in Orlando for someone with his qualifications to play the role of Goofy or Daffy Duck at Walt Disney World.