CNBC Host says Disney CEO Bob Chapek has to go
CNBC’s Jim Cramer called for the firing of Disney CEO Bob Chapek after The Walt Disney Company turned in dismal fourth-quarter earnings earlier this week.
Cramer criticized Chapek for his “delusional” portrayal of the quarter, in which Disney+, the company’s streaming service, took a $1.5 billion loss, rendering the media giant to miss Wall Street’s projections.
Using a sports analogy, Cramer compared Chapek to a head coach leading the “Mad Money” host to say Chapek “absolutely” should be fired because the “team” has been “going downhill.”
“There is just no doubt that he has to go,” Cramer said. “The way he handled it, he made it sound like it was a four-star quarter. Delusional.”
Related: Walt Disney Company Stock hits a multi-year low after 4th Quarter Earnings Report
You can listen to Jim Cramer’s criticism of Bob Chapek’s job performance in the video below.
“Disney, they have ESPN. If we were on ESPN, we would say he’s got to be fired. That’s pretty cut and dry,” Cramer said on CNBC’s business news program “Squawk Box” Wednesday morning. “The losses here are just mind-boggling. When you’re going over the quarter, it’s stunning.”
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