From WSJopinion: The Disney board ousted CEO Bob Chapek in favor of predecessor Robert Iger amid disappointing earnings. The tougher economic times mean there will be more such corporate casualties.
hasn’t been wonderful of late, and on Sunday it cost CEO Bob Chapek his job. The Disney board ousted him in favor of predecessor Robert Iger, amid disappointing earnings and a 38% fall in its stock price this year. The tougher economic times mean there will be more such corporate casualties.
During Mr. Iger’s tenure from 2005 to 2020, Disney built an unrivaled content catalogue by acquiring 21st Century Fox, Marvel Entertainment, Pixar and the rights to the Star Wars franchise. Disney blockbusters rang up banner profits as other film studios struggled to adapt to the digital age. Mr. Chapek was well-positioned to capitalize.
Corporate earnings are under pressure, and investors are losing patience with companies that miss profit projections. Disney’s stock plunged after it warned in August that Disney+ had added only 100,000 U.S. and Canada subscribers in the prior quarter. Its stock tumbled again after it reported mounting losses in its streaming business amid hefty investment in new content. Its market cap, once as high as $366 billion, was $163 billion before a rally on Monday.
The marketplace is a tough disciplinarian, in contrast to government, and the first duty of a corporate board is to replace a CEO who isn’t doing the job. Most boards act too late rather than too early. Mr. Iger has signed up for two interim years, and maybe the board can do a better job finding a successor this time.
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