More On: Bob Chapek
Disney stockholders are furious, and they want their money back, CEO Bob Chapek voted out
A group of Disney fans, angry over rising ticket prices and lengthy waits at theme parks, has purchased the company's stock and has threatened to vote against CEO Bob Chapek's re-election at the company's annual shareholder meeting on March 9.
Irate fans flocked to Reddit to organize against Chapek's re-election, two years after he took over from longstanding CEO Bob Iger. They complained about ticket, food, and product price increases at Disneyland and Disney World, as well as decreasing customer service at the theme parks.
"If you are a Disney shareholder, you likely received an email yesterday urging you to vote in the annual meeting," one Reddit user said in a post titled "Unhappy with the Current State of Disney Parks?" The board of directors is up for re-election, and Bob Chapek is up for re-election.
“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,” the Reddit user added. “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 lead a campaign to oust him and he was removed shortly thereafter. We can do this again.”
One enraged shareholder recently visited Disney World's Epcot and complained about long lines and the fact that they now had to pay for fast pass, a service that allows consumers to make ride reservations without having to wait in line.
"The enchantment has faded. The user added, "Parks were oversold, 2 hour+ lines for everything, big rides like Ratatouille and Rise of the Resistance were 'down' entire day, adding charging now for fast pass access, charging for parking at Disney resorts." "There will be no parades, and food prices will be out of control." Seriously, how much money does one CEO require? We've been travelling to Disney every year for the past 12 years, and what's happening there right now is sad."
Other shareholders have criticized Chapek's large $32.5 million pay package in 2021, which has earned him the Reddit board moniker "Paycheck."
“F–k Bob Paycheck,” wrote on user.
“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,” another said, explaining that hiking prices and penny-pinching juices Disney’s financials, which benefits management, not customers.
However, Disney, which has been heavily struck by the epidemic, has said that it would raise prices to compensate for the lost revenue.
Fans have recently expressed their displeasure with Disney's new Star Wars-themed hotel, seeing it as an illustration of the company's bizarre new approach. Fans have lambasted Disney World's new cruise ship-like hotel, branded "Star Wars Galactic Starcruiser," as substandard and overpriced.
According to the voyage's website, a two-night stay aboard the "Halcyon starcruiser" on weeknights starts at $4,809 for the most basic option, a two-guest cabin.
The price of a three-guest cabin climbs to $5,299, while a four-guest cabin costs $5,999 "voyage total." The website did not provide rates for suites with four or more people.
Meanwhile, disgruntled Disney fans have signed the "Fire Bob Chapek" petition on Change.org. Over 95,000 people have signed the petition, which claims the CEO has "consistently put himself and money above the product, and quality of the firm."