Disney Employee Morale ‘Terrible’ Following Executive Firing

The Walt Disney Co. has seen its stock take yet another beating, dropping nearly 6 percent since Thursday’s surprising executive shake up that saw CEO Bob Chapek fire his presumed successor, Peter Rice, who served as Disney’s chairman of entertainment and programming.

Rice’s unexpected firing has left employees stunned, with one insider saying “morale is terrible,” according to The Hollywood Reporter.

The shake-up has sent Disney’s already battered stock down 5.6 percent since Thursday’s announcement.

Shares of Disney had already taken a major beating after the company committed itself to radical LGBTQ activism and declared war on Florida Gov. Ron DeSantis (R) over the state’s Parental Rights in Education law, which bans the teaching of sexuality and gender ideology to children in kindergarten through third grade.

For the year, Disney shares are down a whopping 36 percent. The stock is the worst performer on the Dow Jones Industrial Average for the past 12 months.

Chapek’s decision to fire Rice is reportedly not sitting well with employees, many of whom revered the former 20th Century Fox executive. “Chapek just made another massive mistake,” one Hollywood executive told the Reporter.

“It’s horrendous,” a Disney insider told the magazine. “It’s not good for the company. Morale is terrible.”

Geoff Morrell, the chief corporate affairs officer for Disney, resigned in Apil after three months on the job. Morrell helped craft the Disney’s response to Florida’s Parental Rights in Education law.
It remains unclear if the fallout from Disney’s fight with Florida was the cause of Rice’s firing. After Disney declared war on Florida by vowing to fight the law, the state revoked Walt Disney World’s self-governing status in Orlando, potentially exposing the company to onerous new taxes and regulations.

Rice has expressed his opposition to the Florida law,  reportedly saying, “I see this law as a violation of fundamental human rights.”

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