Disney shareholders want to oust CEO

A group of Disney fans and stockholders are threatening to vote against CEO Bob Chapek at the upcoming annual shareholders meeting following controversy over soaring prices, long lines, and poor service at the company’s theme parks since he took over two years ago.

The disaffected fans, some of whom have bought Disney stock ahead of the meeting on March 9, have been organizing on Reddit, where one user started a thread called “Unhappy with the Current State of Disney Parks?”

“If you are a Disney shareholder you likely received an email yesterday asking you to vote in the annual meeting. Bob Chapek is up for re-election to the board of directors,” they wrote.

“This is the most direct way to let Disney know if you are unhappy with his leadership, at least more so than complaining on Reddit or signing an online petition. It may seem insignificant, and will likely not be successful in removing him directly, but recall that Michael Eisner lost 43% of the vote in 2004 after Roy E. Disney led a campaign to oust him and he was removed shortly thereafter. We can do this again.”

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Another angry shareholder shared his experience of a recent visit to Disney World’s Epcot, stating: “The magic is gone. Parks were oversold, 2 hour+ waits for everything, major rides like Ratatouille and Rise of the Resistance ‘down’ all day, plus charging now for fast pass access, charging for parking at Disney resorts.”

They continued: “No parades, food prices out of control. Seriously, how many millions does one CEO need. We’ve been to Disney annually for the last 12 years and what’s going on there now is heartbreaking.”

Other fans pointed to the extremely controversial Star Wars-themed hotel which recently opened and has already become a prime example of Disney’s price-gouging strategy. Many have fumed over exorbitant prices at the hotel, while others have pointed to its extremely subpar quality. A two-night stay on the “Halcyon Starcruiser” starts at a whopping $4,809 on weeknights for a simple two-guest cabin. Meanwhile, a three-guest cabin costs $5,299 and the “voyage total” for a four-guest room will set you back $5,999, according to its website.

Previously, outraged Disney fans had already launched a petition on Change.org dubbed “Fire Bob Chapek,” garnering over 95,000 signatures. The petition accused the CEO of consistently putting himself and money above quality and what’s best for the company. 

Chapek’s blatant penny-gouging and price-hiking, as well as the $32.5 million compensation he received in 2021, have earned him the nickname “Paycheck” on Reddit messageboards. One user wrote: “F**k Bob Paycheck. I’ve become much less trustful of this company’s leadership. I voted against Paycheck and for all the shareholder topics the board doesn’t want you to vote for.”