One investor predicted brighter days ahead for Disney after new CEO Bob Iger took over from his “ever-woke” and “ever-incompetent” predecessor.
Investor Jeff Sica grilled former Disney CEO Bob Chapek as an “ever-incompetent” and “ever-woke” leader after Chapek piloted the company through months of historic losses on Fox Business show “Varney & Co.” Monday.
Sica also applauded Disney for getting “rid of the ever-incompetent Bob Chapek” and bringing back “Bob Iger, who is a much, much better CEO.”
New leadership will also translate into new financial wins, Sica said.
“[Iger] realizes that Disney needs to take that iconic brand and do what they’ve always done, so I expect a turnaround.”
While Sica acknowledged that Iger was not “completely in line” with conservatives, “he’s better” than Chapek.
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Chapek’s politics have made him a controversial figure on both the right and the left, with leftist Berkley professor Robert Reich calling the ousted CEO a beneficiary of a “golden parachute” after reports that he would receive a $23 million payout.
Disney shares soared following news that Iger would replace Chapek after less than a year in retirement.
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Strive Asset founder Vivek Ramaswamy said he was “[g]lad to see Disney CEO Bob Chapek” kicked out of leadership.
“Moral of the story: if you try to be everything to everyone, you become nothing to anyone. Time to restore excellence over politics at Disney,” he tweeted.
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Sica also emphasized that Disney is building “momentum” from what he called “the biggest blockbuster that’s probably ever going to hit the screen”: The Avatar sequel.
“In five days,” Sica said, “Avatar is hitting the screens. Keep in mind, the first Avatar that came out in 2009 made Disney and James Cameron almost $3 billion.”
The next movie — Avatar: The Way of Water — could rake in anywhere from “$150 to $175 million” in box office sales, and “potentially beat the old record” in total, Sica added.
The Avatar sequel is slated to release this Friday after a series of COVID-19 related delays.
Sica argued that Disney has a special opportunity with Avatar to make a splash on the box office as the market for movies grows.
“Last year, the total gross for theatrically released movies was $4.5 billion. It’s now over $7 billion,” Sica said. “Disney is going to be able to capture some of that momentum.”
Chapek made headlines for sparring with Florida Governor Ron DeSantis over a Parental Rights Education bill after allegations that Disney had become “too woke.” The company issued a statement in March opposing the legislation, sponsored by DeSantis, calling it “[o]ur goal as a company” for this law “to be repealed by the legislature.”
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The statement continued: “We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country.”
FOX Business’ Landon Mion, Ashlyn Messier and Julia Musto contributed to this report.
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