Companies are having to learn the hard way – go woke, go broke.
Even multi-billion dollar entertainment companies are learning it can happen to them.
And Ron DeSantis was left grinning from ear to ear when he heard this news about Disney.
In recent years, Disney has become one of the most woke corporations.
This happened under Bob Chapek’s reign as CEO.
Now Disney has announced that Bob Chapek will be stepping down and former CEO Bob Iger will be returning to the position.
Susan Arnold, chairman of Disney’s Board of Directors, released a statement following the change in leadership.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” she stated. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”
Chapek’s wokeness was costing the company.
The move comes following Disney’s stock dropping and layoffs of several employees.
Chapek went to war with Florida Governor Ron DeSantis over the Parental Rights in Education Act.
The bill, labeled the “Don’t Say Gay” bill by its critics on the Left simply banned teachers from discussing sexuality with kids in third grade and younger.
Chapek’s feud with DeSantis didn’t end well and Disney was stripped of the special tax status and self-governing privileges that the state had allowed for their theme parks for nearly 70 years.
Disney was also producing woke content under Chapek such as including a homosexual kiss in the children’s movie Lightyear, which was a major bust at the box office despite an aggressive advertising budget.
Chapek’s woke direction certainly didn’t help the company.
Disney recently posted a low quarterly earnings report, and its stock prices have dropped.
Chapek had sent a memo announcing hiring freezes and layoffs to cut costs.
“I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time,” the memo said.
Chapek’s tenure as head of Disney has been short, having first come on in February of 2020 replacing Bob Iger, who will now fill the role for the next two years.
Iger released a statement saying, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” he stated. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”
Disney’s stock fell 41% this year, but it had a 6% rally on Monday following the announcement.
It seems Disney’s woke CEO was costing the company money, and they decided to do something about it.
Patriot Political will keep you up-to-date on any developments to this ongoing story.