It's Tuesday, April 5th. Welcome to Market forward. I'm Chris Hill joining me in studio today,

the one and only Morgan Howzel. Thanks for being here.

How you doing?

I'm mixed. Okay. Because I'm a shareholder of the Walt Disney Company.

Okay. And we'll talk about that. We'll also dip into the full mail bag and we'll try and

make sense of what in God's name the Panama Papers are is. But let's name, the Panama Papers are, is.

But let's start with the news of the day,

and that is that Tom Stags, who is the chief operating officer

at the Walt Disney Company, Suddenly, abruptly, is stepping down on May 6th.

And I'm trying to make sense of this because Stags started working at the Disney Company in 1990.

He was named Chief Operating Officer just over a year ago and that was a, I don't want to say it was an exhaustive search but it was a long

process to put him in that role and it was widely seen at the time that this is the guy who is the air apparent to Bob Eager, the

longtime and successful CEO at the Walt Disney Company Company who is going to be, well, at least as of

yesterday morning, Bob Eiger was expected to step down in June of 2018.

Now I don't know what to make of it. When you first saw this story what went through your

head? Well you and I were talking this morning it's interesting it appears that

the step down is a reaction to him realizing that he is likely not going to be CEO.

So an indication from the board that that is, that they are widening the search

towards other people to become CEO.

We're going to open this up to other candidates.

And you and I were talking this morning about how interesting it is that being chief operating

officer at the Walt Disney company is a pretty sweet title I should say.

...