New Disney CEO Bob Chapek, who was abruptly named to the position Feb. 25, with former CEO Bob Iger transitioning to the executive chairman role, says he’s well-equipped to run the global media brand.
Speaking with Julia Boorstin on CNBC’s “Fast Money,” Chapek said he plans to take the “strategic pillars” Iger established over the past 15 years and further implement them into the direct-to-consumer market.
At the same time, Chapek, who most recently headed Disney’s Parks & Recreation unit, including currently shuttered (due to the COVID-19 virus) amusement parks Disney Shanghai and Disney Hong Kong, said he would be looking “around the corner” for any “disruption” that might be going on in the marketplace that would “necessitate a fresh look.”
“But right now, the course that Bob has laid is one that we fully intend to follow and I think will pay dividends for our shareholders for years to come,” Chapek said.
The longtime executive said ongoing concerns about COVID-19 underscore a “function of our consumer demand” for the Disney product. Chapek said Disney would weather the storm and emerge from the challenge as it has other setbacks.
“[The] affinity for the brand and our storytelling will way outlast any short-term blip that we have from Coronavirus,” he said.
When asked about ongoing cord-cutting among pay-TV subscribers and the growth of over-the-top video distribution, Chapek said his background in home entertainment and consumer products would serve well dealing directly with consumers.
“It’s not ironic that our strategy for the media business now is a direct-to-consumer business, where we have the one-on-one relationship with the customer without having a lot of middlemen in between,” he said. “That’s my sweet spot, and I think that’s something I can leverage now throughout all my experiences, not even Disney but even before Disney, in terms of figuring out how we take the data, the information, the technology and, once again, our storytelling right direct to the consumer so that we can take the great equities that we have and continue to build those for our shareholders.”