One of the most powerful media executives was meeting with a group of people on the morning of June 9 when he heard the news that Disney CEO Bob Chapek had suddenly fired Peter Rice, president of programs and entertainment.
“Chapek made another big mistake,” said the executive. Perhaps the market agreed: Disney shares were down nearly 4% as soon as the news broke, which is a bigger drop than the broader market on Thursday.
Chapek’s decision to fire a long-respected executive in the most unceremonious manner sent waves of uncertainty and, for many, outrage from Hollywood’s upper echelons at lower-level players. “Few things surprise me,” said one of the most experienced executives in the industry. “It surprises me.”
Several experts say the hollywood reporter That the shooting was another of Chapek’s mistakes, from Disney’s legal spat with Scarlett Johansson to Florida’s so-called “Don’t Say Gay” law. “Chapek picked another negative news cycle when he was on the ground,” said the longtime communications manager.
She also received negative criticism from the chairman, Susan Arnold, for her “trust and support” of Chapek. The president of other companies said that the board had already sent a message of complete confidence because, so far, it could not renew Chapek with just a few months to go before the contract expires. “You fire the CEO for a year after your contract ends,” said one of the longest-serving actors in the industry. “That in itself is a statement of non-support. Declaring trust is absurd. This is Mickey Mouse’s best company. It’s so dysfunctional.”
Some have suggested the board might extend Chapek’s contract to the next meeting. But, once again, there was a negative comparison with former Disney chairman and CEO Bob Iger. “Imagine when Bob Eiger released Anne Sweeney [the former president of Disney/ABC Television Group] That the board would have issued a statement?” said the observer, who had previous ties to Disney.
Meanwhile, many Disney insiders reacted terribly to this story. “It’s awful,” says one. “It’s not good for the company. Morale is terrible. The second adds: “I wonder if Chapek knew that Rice did Zoom Town Halls and Q&A during the pandemic, which really increased her life in our best schools.”
It wasn’t just Rice’s release, but the way he did it sparked outrage. “By releasing the kid like that, everyone’s like, ‘Is he going to do this to me?’” said a senior Disney rival. A source close to the company said: “At Disney, at this level, they are not treating you [an executive] This way. You give them a production deal, you give them a cover story, you throw them a party, you walk them out the door. If you need to execute someone, there are ways to do it. It’s lack of tact. looks like this guy [Chapek] I don’t know how things are done in our city. (For example, Sweeney was allowed to announce his departure in 2014, a few months before his official departure, saying he wanted to get more involved in the business side of the business. According to Soft Landing production.)
Chapek is said to have mentioned a cultural misfit in his brief meeting to arrest Rice, without any explanation from Disney, and sources say Rice received nothing from the meeting with Chapek. Many have suggested that Chapek reacted to the idea that Rice, who has had a long career in film and television, could be seen as a successor, and could see herself positioning herself that way. The industry executive says, “My theory is that Chapek thought, ‘This guy is trying to get me out of here. Follow it.” (It may be worth noting that when Disney responded to its response to the Florida law, Rice issued its own memo saying, “I personally view this law as a violation of fundamental human rights.”)
A source with links to Disney says: “In all press [Ron] The DeSantis fiasco is incredibly inconvenient for a CEO who loses the power to have a person sitting next to him in the room who is considered his successor. You will kill that person.” This wouldn’t be a new phenomenon at Disney: Iger sent COO Tom Stags in 2016, when Stags was widely seen as Iger’s successor, and Michael Eisner suddenly fired Jeffrey Katsenberg, asking for an assurance that he would be next. , 1994 This year.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
