Back in March 2022, Disney’s then-CEO Bob Chapek said that his company wouldn’t take a public stand on Florida’s so-called “Don’t Say Gay” bill. Four days later, he yielded to rebukes from LGBTQ employees, reversed his decision and criticized the bill publicly.
In the ensuing political firestorm, the state of Florida revoked Disney’s 55-year-old favored tax and regulatory status, sparking legal disputes that lasted well into 2024. Chapek, deeply weakened, was fired not long after the controversy broke, in November 2022.
Disney may be a unique case, but it isn’t alone. Business leaders are increasingly at risk of political sparks igniting into firestorms that can devastate their companies. For example, in 2023, the conservative backlash to a Bud Light promotional campaign involving a transgender influencer led to a 30% drop in sales volume.
