Disney CEO Bob Chapek went woke. Now he’s broke.
In a statement on Sunday, Susan Arnold, chairman of Disney’s Board of Directors, announced Chapek has stepped down from his position as head of the company and former CEO Bob Iger would be returning from retirement to take back the reins of power.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” the statement said. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
As noted by The Hollywood Reporter (THR), Chapek exited after signing a multi-year contract in June despite a turbulent year of leadership, during which he plunged the company deep into woke politics by opposing Florida’s anti-groomer law that barred teachers from discussing sexuality with third-graders.
The move proved disastrous on Chapek’s part when the state of Florida stripped Disney of its special tax jurisdiction that essentially allowed it to function like a city government.
On the content front, Chapek’s Disney took the political posturing even further, whether it was casting a trans “non-binary” actress in Marvel’s Ironheart or including a same-sex kiss in a children’s movie like Lightyear, which bombed at the box office.
The Disney brand became so undeniably toxic in recent months that the company’s bottom line fell out right from under it, leading to layoffs, drops in stock prices, and overall negative employee morale.
“Disney’s corporate earnings disappointed Wall Street, sending its stock crashing to new lows. Now the entertainment giant is reportedly planning layoffs, a targeted hiring freeze, and travel limitation on its employees,” reported Breitbart News entertainment reporter David Ng earlier this month.
In a letter to employees at the time, Disney CEO Bob Chapek said that the company will be making “tough and uncomfortable decisions.”
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