A “health check” is coming for The Walt Disney Company… and it’s coming from the people with the very most power.
Following the devastating flop that is Lightyear, The Walt Disney Company Board of Directors (including CEO Bob Chapek) will come together in Florida for a multi-day “health check” of the company. This pre-planned and pre-scheduled series of sessions will cover such topics as an extension of the CEO’s contract, Disney Parks operations, Disney cruise line milestones, and more. With the company reeling after Pixar’s latest movie has bombed harder than any other non-pandemic Pixar film in history, it’s likely the Board will also be looking at what went wrong and how to reorient the company. Some insiders expect the company will address whether or not to return to a jettisoned strategy of moderating away from political positions and messaging.
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.
Not all will be glum for the Board, however. They not only get to welcome a new ship to Disney’s fleet of cruise liners, but they also may be feeling celebratory in regards to Walt Disney World attendance. The resort continues to excel in drawing international guests while simultaneously raising likely expenditures per guest (while also maintaining current baseline ticket prices). The company has recently increased the number of firework shows at Magic Kingdom each night to accommodate the increase in capacity. It’s also a great showing for Disney World as it may indicate supply issues with firework distributors are likely to be far less dramatic in the coming twenty-four months.
Disney to Double Fireworks Shows at Magic Kingdom
While I do not expect the Board to renew Chapek’s contract just yet — that may not happen until September — it would be a strong statement if they choose to do so this early. And if that happens, I suspect it would mean that Mickey is getting ready to clean house. A quickly renewed Chapek would likely be ready to send more people Peter Rice’s direction with exits out the door. Will that happen? That all depends on just what they choose to blame on Lightyear’s failure and potential Disney+ lowered expectations.
It should be an interesting week in Florida for more than a few reasons.
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