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Circle Squared Alternative Investments founder Jeff Sica explains how Disney has good news in store after ‘ever-incompetent’ and ‘ever-woke’ former CEO Bob Chapek ousted on 'Varney & Co.'
One investor predicted brighter days ahead for Disney after new CEO Bob Iger took over from his "ever-woke" and "ever-incompetent" predecessor.
Investor Jeff Sica grilled former Disney CEO Bob Chapek as an "ever-incompetent" and "ever-woke" leader after Chapek piloted the company through months of historic losses on Fox Business show "Varney & Co." Monday.
Sica also applauded Disney for getting "rid of the ever-incompetent Bob Chapek" and bringing back "Bob Iger, who is a much, much better CEO."
New leadership will also translate into new financial wins, Sica said.
Disney ousted Bob Chapek and brings back Bob Iger as CEO. ((Photo by ROBYN BECK/AFP via Getty Images) / Getty Images)
"[Iger] realizes that Disney needs to take that iconic brand and do what they’ve always done, so I expect a turnaround."
While Sica acknowledged that Iger was not "completely in line" with conservatives, "he’s better" than Chapek.
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Chapek's politics have made him a controversial figure on both the right and the left, with leftist Berkley professor Robert Reich calling the ousted CEO a beneficiary of a "golden parachute" after reports that he would receive a $23 million payout.
Disney shares soared following news that Iger would replace Chapek after less than a year in retirement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 117.47 | -0.13 | -0.11% |
Strive Asset founder Vivek Ramaswamy said he was "[g]lad to see Disney CEO Bob Chapek" kicked out of leadership.
"Moral of the story: if you try to be everything to everyone, you become nothing to anyone. Time to restore excellence over politics at Disney," he tweeted.
Sica also emphasized that Disney is building "momentum" from what he called "the biggest blockbuster that’s probably ever going to hit the screen": The Avatar sequel.
"In five days," Sica said, "Avatar is hitting the screens. Keep in mind, the first Avatar that came out in 2009 made Disney and James Cameron almost $3 billion."
The next movie — Avatar: The Way of Water — could rake in anywhere from "$150 to $175 million" in box office sales, and "potentially beat the old record" in total, Sica added.
The Avatar sequel is slated to release this Friday after a series of COVID-19 related delays.
Sica argued that Disney has a special opportunity with Avatar to make a splash on the box office as the market for movies grows.
"Last year, the total gross for theatrically released movies was $4.5 billion. It’s now over $7 billion," Sica said. "Disney is going to be able to capture some of that momentum."
Chapek made headlines for sparring with Florida Governor Ron DeSantis over a Parental Rights Education bill after allegations that Disney had become "too woke." The company issued a statement in March opposing the legislation, sponsored by DeSantis, calling it "[o]ur goal as a company" for this law "to be repealed by the legislature."
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Disney shares popped after announcing Bob Iger as the new CEO. (istock / iStock)
The statement continued: "We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country."
FOX Business’ Landon Mion, Ashlyn Messier and Julia Musto contributed to this report.
