Good morning.
I predicted here in April that Disney CEO Bob Chapek “will be out within a year”—so that’s at least one I got right. But the question remains: did Chapek get pushed out because of problems with his “stakeholders”—particularly in reaction to Florida’s so-called “Don’t Say Gay” bill—or was his ouster a standard case of failing to meet the demands of shareholders?
I think the correct answer is: both. Shareholders were definitely agitated. Activist funds including Dan Loeb’s Third Point and Nelson Peltz’s Trian had bought into the company and were pushing for change. Disney’s most recent earnings report was lackluster. And the stock price was down 40% this year.
