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Squawk Pod

CNBC SPECIAL: Disney's Wildest Ride Part 2

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 13 November 2023

⏱️ 52 minutes

🧾️ Download transcript

Summary

CNBC’s Alex Sherman reports on the inside story of a CEO succession plan gone awry at Disney — a cautionary tale of how good intentions clashed with ego and hubris at the highest levels of corporate America. Sherman spoke with more than two dozen people who worked closely with Disney’s last two CEOs, Bob Iger and Bob Chapek, between 2020 and 2022. His report features many never-before reported details about Chapek’s tenure, how and why he was fired, and Iger’s plan to revive Disney now that he’s CEO once again. Stick around for a special interview with CNBC’s DJ Sixsmith on Sherman’s in-depth story about Disney’s succession drama. To read the full article go to https://cnb.cx/3Pr3kEd Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

Hi, I'm C. NBC Media reporter Alex Sherman, and this is part two of Disney's

0:06.9

wildest ride, the inside story of a CEO succession plan gone a ride. A cautionary tale about how good intentions

0:15.4

collided with ego and hubris at the highest levels of corporate America.

0:22.4

Part 8, a fight in Florida. A little more than a month into Chapek's tenure

0:29.2

without Eiger at the company. Florida Governor Ron Desantis, a Republican, introduced the Parental Rights and Education

0:35.8

Act, which critics called the Don't Say Gay Bill.

0:40.0

The legislation would prohibit classroom instruction by school personnel or third parties on sexual orientation or gender identity.

0:49.0

Disney is one of the largest taxpayers and employers in Florida.

0:53.0

And Shepec and Morel were soon fielding media inquiries

0:56.6

about the company's stance on the matter.

0:59.3

And employees, particularly animators at Pixar and Disney animation wanted to know how the company planned to react.

1:07.0

Eiger tweeted his thoughts.

1:09.1

If passed, this bill will put vulnerable young LGBTQ people in jeopardy, he wrote.

1:16.0

During Iger's tenure as CEO and chairman, he had freely pontificated about an array of causes, including climate change, diversity, and abortion.

1:26.0

In a series of virtual meetings after the killing of George Floyd,

1:29.6

Eager had told Disney employees that making their voices heard was the best way to

1:34.0

bring about change according to people on these calls.

1:36.7

Chapek wanted to chart a different path. Weeks before Desantis introduced his

1:42.1

plan legislation,

1:43.2

Morel had outlined a new communication strategy to the board.

1:46.7

He wanted Disney to stay out of political skirmishes entirely,

1:50.9

and instead signal its values through the three C's content, culture, and

...

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