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Disney has reportedly given the boot to its chairman of general entertainment content, Peter Rice.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 103.86 | -3.43 | -3.20% |
Sources told The New York Times that Rice was “an ill fit with Disney’s corporate culture.” Variety reported that Rice’s firing was “entirely business and strategy-related” and had nothing to do with any personal behavior by Rice. Variety’s sources said that Rice was completely blindsided by the decision.
Disney General Entertainment chairman Peter Rice (Disney)
As chairman, Rice was tasked with overseeing Disney’s original entertainment and news programming for its streaming platforms and cable and broadcast networks. Under Rice’s oversight, Disney General Entertainment developed, produced and marketed over 4,500 hours of programming annually across more than 300 entertainment and news programs.
Rice joined Disney during the acquisition of 21st Century Fox’s television and film assets in 2019. He previously served as president of 21st Century Fox and chairman and CEO of Fox Networks Group. Rice began his career in the marketing department at Twentieth Century Fox in 1989.
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Disney confirmed Rice’s departure in a news release on Thursday, adding that he would be replaced by Walt Disney Television Chairman Dana Walden.
Dana Walden, Chairman of Entertainment, Walt Disney Television attends the 25th anniversary of UCLA Jonsson Cancer Center Foundation’s “Taste for a Cure” event at Fairmont Century Plaza on April 29, 2022 in Los Angeles, California. ((Photo by Rich Polk/Getty Images for UCLA) / Getty Images)
Disney CEO Bob Chapek called Walden a “dynamic, collaborative leader and cultural force” that has helped transform the company’s television business into a content powerhouse.
“Her well-earned reputation for championing creative talent and developing programming that truly captures the cultural zeitgeist has resulted in hit after hit,” Chapek said. “She and Peter have worked closely together for years to create the best programming in the industry, and I can think of no one better than Dana to lead Disney General Entertainment to even greater heights.”
Walden, who joined Disney in 2019 with the company’s acquisition of 21st Century Fox, will report directly to Chapek.
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Rice marks the latest executive shakeup at Disney, following the departure of corporate affairs chief Geoff Morrell in April. According to the Times, Rice was viewed by some as a possible successor to Chapek.
“The strength of The Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future,” Disney Chairwoman Susan Arnold said in a separately released statement. “In 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.”
The announcement coincides with the entertainment giant’s ongoing political feud with Florida Gov. Ron DeSantis over the passage of the Parental Rights in Education bill. After the bill was signed into law in March, Disney said that it would fight to ensure the law is repealed by the state legislature or stuck down in the courts.
“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,” the company said at the time.
Disney’s stock has fallen more than 30% year to date.
