Bob Iger Steps Down as CEO, Chapek to Succeed Iger as CEO

[J-BOY]

Well, if he had been brought in now I might agree. But since he was brought in before the current health crisis I don't think this was the reasoning.

Bob Iger only stepped down 2 weeks ago. It's not like it wasn't a health crisis back then, and professionals were predicting it would worsen for weeks before anyways. I'm not saying he was promoted as the "crisis CEO" but I don't think that reasoning holds up.

 

[OSUZorba]

Well, if he had been brought in now I might agree. But since he was brought in before the current health crisis I don't think this was the reasoning.

It was before the public started to panic, but it wasn't before the writing was on the wall.

Disney already had two parks closed. Theaters in China were shut down. The Wall Street correction had started. And the Diamond Princess was a massive red flag for the travel industry. Pretty sure it was after the outbreaks in Italy, Iran and South Korea were known.

I'm not saying he was definitely brought in as a crisis CEO, but I think there timing does work out.

 

[Alynw]

Usually corporations of Disney's magnitude actually tell Wall St months in advance, not make the decision months in advance and then blindside Wall St with it.

U can guarantee the majority share holders with voting rights were involved but I've never heard the term "tell wall street"

 

[Alynw]

No way that day was planned ahead of time. Chapek would have been much better prepared by Disney's PR department if that was the case. Instead it appeared that Chapek was still coming to terms with the news himself.

Lol..ok...your right, a major corp like Disney just made a split second decision that could have a major impact on its shareholders and the company in general and blind sided Iger and Chapek publicly without any notice.

 

[RivShore]

FYI - shareholder meeting notes

https://www.laughingplace.com/w/art...g-disney-2020-annual-meeting-of-shareholders/

 

[RivShore]

This article supports the "crisis" CEO theory:

https://finance.yahoo.com/news/retrospect-disneys-ceo-switch-decisive-203202096.html

 

[GAN]

Has anyone heard if Iger SOLD or was “forced” to exercise any options of shares as part of his retirement? The timing of this with the Coronavirus is way more than coincidence in my opinion.

 

[rteetz]

Has anyone heard if Iger SOLD or was “forced” to exercise any options of shares as part of his retirement? The timing of this with the Coronavirus is way more than coincidence in my opinion.

He's not retired yet.

 

[GAN]

He's not retired yet.

Hey Ryan. He’s Chairman ...I’m thinking as CEO there may have been something in his contract that pushed this along. If there was great move on his part!

 

[rteetz]

Hey Ryan. He’s Chairman ...I’m thinking as CEO there may have been something in his contract that pushed this along. If there was great move on his part!

As far as I know he is still a major shareholder in the company. He was supposed to stay as CEO and Chairman until the end of fiscal 2021 but that obviously changed. He will stay on as Chairman at least through that.

 

[OKW Lover]

Has anyone heard if Iger SOLD or was “forced” to exercise any options of shares as part of his retirement? The timing of this with the Coronavirus is way more than coincidence in my opinion.

If he did, it would have been the subject of an SEC filing about insider trading. I haven't heard of any being filing, but I didn't search.

 

[Brianstl]

If he did, it would have been the subject of an SEC filing about insider trading. I haven't heard of any being filing, but I didn't search.

I don’t think that filing is due for a couple more weeks.

 

[GAN]

If he did, it would have been the subject of an SEC filing about insider trading. I haven't heard of any being filing, but I didn't search.

I couldn’t find anything with a quick look. But if part of your agreement is the right to exercise stock upon Stepping down ...there probably is some SEC review but not to the degree of insider trading since a person can step down any time they want. Admittedly, I’m no expert on the subject ...probably just caged up too long for my own good! Being a significant shareholder, if he didn’t move shares, he potentially lost a TON of cash. Obviously, as the saying goes ....what goes down must go up!

 

[Brianstl]

I couldn’t find anything with a quick look. But if part of your agreement is the right to exercise stock upon Stepping down ...there probably is some SEC review but not to the degree of insider trading since a person can step down any time they want. Admittedly, I’m no expert on the subject ...probably just caged up too long for my own good! Being a significant shareholder, if he didn’t move shares, he potentially lost a TON of cash. Obviously, as the saying goes ....what goes down must go up!

I think there is a 45 day rule for reporting transactions like that as opposed to the 2 day rule for what people would consider “normal” insider rule.

 

[Sweettears]

I don’t think that filing is due for a couple more weeks.

Nope has to be within 24 hours

 

[Sweettears]

All SEC reportable actions require immediate reporting

 

[Brianstl]

Nope has to be within 24 hours

Different rule for different types of transactions. The one described earlier I believe would be a form 5 transaction and not a form 4 transaction.

 

[Sweettears]

Different rule for different types of transactions. The one described earlier I believe would be a form 5 transaction and not a form 4 transaction.

You May be right not interested in looking up SEC requirements. But having coming from that world there was very little information concerning insiders that didn’t require prompt comunication