Boardroom Talk: Disney board finally loses patience with streaming losses, recalls 71yo former CEO

I really enjoyed Bob Iger's autobiography The Ride of a Lifetime, given to me by a good friend who'd devoured it on an overnight flight. The man who led Disney for 15 years shares some good tips. He also comes across as warm and human – the seemingly ideal combination for someone running Walt's creation. But perhaps not for Iger's new role. In a surprising reversal, Disney's board of directors has fired Iger's handpicked successor, Bob Chapek. Ironically, Chapek had been under siege from his former boss since taking over 33 months ago. Iger even called him "my biggest mistake." Disney's board hadn't seemed to pay much notice to Iger, even renewing Chapek's contract a few months ago. Their support for Chapek, however, ended in spectacular style after the share price dropped sharply this month on evidence that his huge video streaming bet has gone horribly wrong. Losses at Disney Plus doubled to $1.5bn in the September quarter, dropping Disney group profit a staggering 91% and sending its shares down to levels last seen six years ago. So, 71-year-old Iger is now back in Disney's corner office for at least the next two years, with a directive to overhaul the streaming business. Interestingly, Chapek's fall from grace is also a major blow to American Progressives. The Disney boss became Woke's Executive posterboy inter alia after picking a very public Culture War fight with Florida Governor Don de Santis. Not smart. Or as Helen Zille told us in her latest book – 'Go Woke Go Broke'..More for you to read today: .* Strategists say bear market will last in 2023. Investors hoping for a better year in 2023 will be disappointed, according to strategists, who said the bear market phase is not over yet..___STEADY_PAYWALL___.* O'Sullivan pulls the carpet from under Fraser's feet. Forensics for Justice founder, Paul O'Sullivan, says Arthur Fraser has bitten off more than he can chew by creating the Phala Phala scandal..* How the Russia-Ukraine war can and cannot end. Barring a divine intervention, there appears to be no realistic way to end the conflict soon..* Money-losing tech stocks fade again as Fed stays hawkish. While rising rates have hammered tech stocks broadly this year, riskier companies have been hit especially hard..* Disney's Iger returns to reckon with his own 15-year legacy. Disney shares are headed toward their biggest yearly decline since the 1970s, the result of growing losses in streaming and fraying cable-TV viewership..* Cathie Wood's Ark goes on Coinbase buying spree as Wall Street sours. Ark's renewed interest in Coinbase stands in stark contrast to the sentiment emanating from Wall Street for the better part of the last six months..* Warren Buffett bets $5bn on devalued Taiwanese semiconductor manufacturer. For investors looking for a dip-buying opportunity in the global chip industry, Berkshire Hathaway Inc. may have a recommendation: Taiwan Semiconductor Manufacturing Co.

Boardroom Talk: Disney board finally loses patience with streaming losses, recalls 71yo former CEO

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