Disney confirms Rice ouster, gives backing to CEO Chapek
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Walt Disney (NYSE:DIS) confirmed that its top television executive Peter Rice is out of his job, and elevated Rice lieutenant Dana Walden to chairman of Disney General Entertainment Content.
Walden immediately takes oversight of ABC Entertainment, ABC News, Disney Branded Television, Disney Television Studios, Freeform, FX, Hulu Originals, National Geographic Content and Onyx Collective.
Rice was reportedly surprised by the firing in a one-on-one with CEO Bob Chapek, due to some combination of a culture/personality clash. Chapek told Rice he wasn't a cultural fit at the company in a short meeting Wednesday, CNBC said.
Rice had also interviewed with Warner Bros. Discovery (WBD) chief David Zaslav for a top executive role last year, but Zaslav ultimately decided he didn't want the extra management layer, CNBC said.
And in a rare occurrence, Disney's board offered up a statement of support for Chapek, who's taken flak from various circles in recent months as he's tried to navigate COVID-19 park closings, a clash with former CEO Bob Iger, and political fights in Disney World's home state of Florida.
âThe strength of the Walt Disney Companyâs businesses coming out of the pandemic is a testament to Bobâs leadership and vision for the companyâs future,â Chairman Susan Arnold says, according to media reports. âIn this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the board.â
That support likely means Chapek is Disney's man for some time. His contract was set to expire next year, and Rice was widely seen as a potential heir apparent, if Chapek and Disney ended up parting ways.
Disney stock (DIS) is down 3.1% late Thursday; it's just 4.5% above its 52-week low.
News of Rice's firing came Thursday morning, and has shocked industry observers (and reportedly Rice, who in summer 2021 had renewed his Disney contract until the end of 2024).