[Asia Economy Reporter Jeong Hyunjin] Bob Chapek, CEO of Disney, suddenly fired Peter Rice, the Chief Content Officer of the TV division, who is known as a giant in the entertainment industry, according to reports from the Wall Street Journal (WSJ) and others on the 9th (local time).
On the morning of the same day, Disney announced the dismissal of Chief Content Officer Rice and stated that Dana Walden, who was the deputy, would fill the position. Rice, a former president of 21st Century Fox, joined Disney as an executive when the company acquired Fox in 2019. He was once considered a potential next CEO of Disney and was a well-known figure in the industry.
According to reports, CEO Chapek called Rice the day before and suddenly informed him of his dismissal, saying, "You do not fit Disney's culture." Rice was reportedly completely unaware that he would lose his job. Sources said that Chapek fired Rice based on internal reports that Rice did not cooperate with other departments or share information.
Bloomberg News evaluated that Chapek demonstrated his power within the organization through Rice's dismissal amid various difficulties faced by Disney. Recently, Disney has been at the center of political controversy for opposing Florida's anti-LGBTQ policies, and its stock price has plummeted by 33% this year due to the direct impact of the COVID-19 pandemic.
Following the company's dismissal announcement, Disney's board of directors issued a statement supporting CEO Chapek. Board Chair Susan Arnold emphasized, "Disney's strength during the pandemic is evidence of Bob's leadership and vision for the company's future." Accordingly, there are expectations that Chapek's term as CEO, which ends early next year, will be extended.
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