The Disney Board of Directors will head to Florida tomorrow to kick off a multi-day retreat where a health check on the company will take place (via LA Times). The 11-member board, of which Disney CEO Bob Chapek is a member, could consider extending Chapek’s contract which currently expires in February 2023.
The Florida-based meeting comes at a time when the state is increasingly hostile towards The Walt Disney Company after Disney spoke out in support of the LGBTQIA+ community following the signing of the “Don’t Say Gay” bill into law back in late March. Since then, Florida Governor Ron DeSantis has targeted Disney and its special taxing district known as the Reedy Creek Improvement District. DeSantis wants the state to take over the district.
Disney has recently delayed the move of its theme parks division from California to Florida by more than 3 years, citing construction issues. Still, many industry watchers say that the battle with the Florida government played a part in the decision.
The Board of Directors meeting is expected to culminate on Wednesday with the christening of the new Disney Wish cruise ship.
If Chapek’s contract isn’t extended during this meeting, insiders say that the board will have another opportunity in September. The Board of Directors recently issued a statement of support for Chapek.
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He needs to be fired. His policies are destroying the magical Disney experience!
The health of the company? It ain’t good. Disney has no response to Universal in Florida. Lightyear tanked. Confidence in the company is at an all time low. Oh and did you see the stock price?
At this point, I don’t have any faith in the board to do what’s best for the company either. They all need to go.
Disney needs to clean house starting with chapek….their woke policies are destroying what used to be the happiest place on earth.,, good riddance
Even if the fire him now, it will take a decade to right the ship again. They are certainly mortgaging their future.