Disney Tips Your Guide To A Great Disney Vacation
The Walt Disney CEO, Bob Chapek is buzzing among Disney fans. We previously shared the news that with a fast-approaching annual shareholder meeting, Disney fans are eager to vote Chapek out to the picture. Sorry, Disney shareholders, while your vote can make an impact, it won’t take Chapek out of his CEO role.
The annual meeting of shareholders with The Walt Disney Company (NYSE: DIS) will be held next month, on Wednesday, March 9, 2022. With petitions to fire Chapek and even New York Post running an article about the magic being gone, it’s no secret many Disney fans aren’t thrilled with Chapek as Bob Iger’s replacement.
Complimentary services such as free MagicBands for Disney Resort Guests and Annual Passholders, complimentary overnight hotel parking, and even Disney’s Magical Express have disappeared… and the groans are real. Furthermore, long lines, an increase in ticket prices, and the upcharge from the former FastPass System to the new Disney Genie+ and Lightning Lane additions aren’t helping Chapek’s case.
To Chapek’s defense, he has had an uphill climb with the COVID pandemic raging through the Parks, causing closures and the loss of intimate magic moments. There has also been an 11% increase in Disney shares since Bob Iger stepped away in February 2020 and left Bob Chapek in command.
But, Chapek’s eagerness to go into the sports betting arena, lack of attendance at Destination D23, and possible advertising on Disney+ is difficult and discouraging to keep up with.
With that said, we suspect the annual shareholder meeting for The Walt Disney Company will likely be a little uncomfortable for Bob Chapek. While shareholders are ready to vote against Chapek, this doesn’t mean they can vote him out of the CEO position.
While yes, Chapek is on the ballot to be voted on, the CEO position isn’t what shareholders are voting against. Several Disney board members are up for renewal which includes Bob Chapek’s seat on the board. Shareholders can’t however take away his status as Disney CEO.
Does this mean Chapek is safe as CEO? According to a report from The Motley Fool, he may not be, sighting a previous shareholder meeting: “It was 2004 when activist investors rallied against then-CEO Michael Eisner. With 43% of the shares withheld, he escaped being booted from the board, but Disney got the message. He was demoted as chairman of the board, resigning as CEO a year later.”
So, while shareholders don’t have the power to remove Chapek as CEO, they will be heard when it comes to Chapek’s board position. Would Disney then possibly take the hint and look to remove Chapek, as they did with the former CEO Michael Eisner? Only time will tell.
