Tragic Kingdom Upheaval - Disney's CEO Bob Iger Plans Exit as Boardroom Challenges Arise

Red State ^ | 12/01/2023 | Brad Slager

[SeekAndFind]

With so much going on in the news this week, one company that is happy there are so many distractions away from its problems is Disney. After weeks of consecutive massive failures in theaters, the entertainment giant is going through some executive-level dramas, and it is becoming apparent there is no clear strategy to solve the mounting issues. 

CEO Bob Iger was drawn back into his leadership role last year when his heir - Bob Chapek - began to encounter several self-created problems. However that hoped-for storyline of Iger becoming the needed white knight has not achieved the happy ending; instead, the company seems locked in the second-act of a drama of turmoil and hardship. Now it appears that Iger has had enough.

While not stepping down immediately, the boss is looking over the status his company is mired in and has announced he will step away when his contract ends in 2026. Speaking at The Dealbook Summit put on by The New York Times, Iger made his intention clear while discussing generalities about the company. He sounds as if he is surrendering after not meeting the challenge of turning the company's fortunes around.

When taking control back just about a year ago, he was said to have a two-year stint in mind, but then this summer he announced the extension to that current deal. Now, just four months later, he is making his exit plans and it seems apparent why. Little has changed in that interim, and in November the company saw two benchmarks in theaters no company brags about—it experienced its worst Marvel title debut ever, and on Thanksgiving had its second consecutive bomb on that holiday weekend.

But then, in a sign of a company that looks disinterested in fixing its problems, the executive boardroom is fighting off a challenge by a new entity. For about a year now the equity firm Trian - an investor in Disney - has been acquiring more stock as its market share has been dropping. The billionaire leader of Trian, Nelson Peltz, has long hinted at wanting to become a boardroom presence and now has made the proxy move official. The Disney board is resisting this attempt.

Since Peltz made it known this week he intended to gain at least three seats on the board, the company has fought back. It instituted rules changes to limit the ability of nominating names for the board, as well as appointing two new figures - top executives from Morgan Stanley and Sky Broadcasting. Those nominations will be voted on by shareholders in the coming months, and this is when Peltz hopes to sway support. 

Much of the resistance to the Trian move is less about operations and is more personal. Former Marvel chief Ike Perlmutter was sent away this past spring, and it is said that he is working alongside Peltz, combining their stake to the tune of over $3 billion worth of stock and giving them more voting power. Over the past year Trian has been acquiring even more shares of the depressed stock, so the real battle for control could be emerging this winter.

Whether he sees this resistance to Trian as a futility, or perhaps he is just tiring of the inability to right the ship as he encounters more entertainment failures, Iger is giving the appearance of a CEO who has had enough. The unfolding drama for Disney is whether Iger will be able to groom his next successor, or will that fall by the wayside if Peltz and Trian manage to wrest control of this foundering company?

[Chode]

Elon says...

[neverevergiveup]

Based on the results, it seems that picking anyone off a street corner to be CEO would likely be much more effective.

[Brandonmark]

M
I
C
K
E
Y…Why?

Because we don’t like you!

[Liaison]

Even the resurrected skeleton of bob iger could not save the burning mouse house.

[jeffersondem]

Part of their strategy should be to hunker down and keep their mouth shut for three more years until DeSantis is termed out.

After he is gone in Florida, Disney can easily overcome the Florida legislature and do most anything what they want in that state. Most Republican legislators in Florida - like their counterparts in Washington DC - are there to get along and go along to keep getting re-elected.

Disney just miscalculated with DeSantis. They tried to bluff him and he didn't bluff. Now they have to lose a couple of turns until DeSantis is out.

[NWFree]

Disney just needs to produce more woke movies. I’m sure that will help

[unread]

Is this thing working..?

[The Louiswu]

[Beowulf9]

Walt would hate what they have done to his company.

[Bernard]

he will step away when his contract ends in 2026

So he will bleed every penny he can get his hands on, and then walk away. Bug question - will there still be a Disney company around to write that final check?

[odawg]

I think I will give Disney my resume. I can turn that company around in about three months — fire the living hell out of half the management and all the writers.

[Skywise]

In 2026... that’s 2 years from now... and 3 years longer than he should’ve remained in power.

[Honest Nigerian]

I can’t believe this woke-idiot was able to get back on board at Disney after cashing out with HUGE profits in January of 2020.
Truly amazing how smooth talkers can get paid 10s of $millions of dollar$ for running a company further into the ground.

[2nd Amendment]

Cut out the fag movies and do Daniel Boone and Davy Crockett

[steve86]

Not that I’m for the fag movies but Daniel Boone and Davy Crockett titles would flop with the younger generations just the same.

[dangus]

What’s in that photo? Are they preserving all the corpses of the Disney stars for experimentation? Or farming them Matrix-style?

[wgmalabama]

Why - just put in a chick and make her gay.

[wgmalabama]

I wonder if I can start a go fund me request for 170 billion to buy Disney. Maybe 100 billion to take control?

I am fairly sure I could run it better. These companies need to quit thinking they don’t have customers. They act like they have captive or forced consumers.

[FroggyTheGremlim]

Hell, I could revive Disney...

... I would re-release some of the old movies, like

Song of the South

Peter Pan
]
Lady and the Tramp

Pinocchio

... and the others like Cinderella, Snow White, ...

I would prepare an introduction claiming the movies are NOT racist, not anti-anything, but good wholesome entertainment.

Of course, I would re-release Fantasia.