A Very Special Thanksgiving Founder's Brew
This Week: It's A Small World After All and a special Thanksgiving Pages from the Commonplace Book
It's A Small World After All
It must be a small world after all if you have to return to your former CEO after barely two years. Yes, of course, I'm talking about the heralded return of Saint Bob I to the hallowed halls of the Mouse House. The drama over the last week has all the marks of true Shakespearean tragedy: Palace infighting, a dethroned king not content to go quietly, restless subjects, and palace courtiers having no problem doing an end around on the King (note to self: Don't piss off the CFO.) This has all the hallmarks of an HBO drama (Come On, Zaslav, you know you want to.) Yes, Iger has returned, and Chapek has been dumped, destined to go down in history, unfairly or not, as having the worst CEO tenure in modern times. There are countless takes to be read on the drama that broke this past weekend. I have no intention of rehashing them here, only to say that I agree with CNBC's Alex Sherman: This whole fiasco makes everyone look bad. I want to discuss today how all this tumult affects the overall morale of the employees at the company. You can talk all day about the higher-ups and succession plans, and there is no doubt those discussions have their place, but no one mentions how these changes affect the people responsible for making the trains run on time.
I do have some personal experience in this area. In the fall of 2014, there were rumblings at 20th Century Fox that change was a-coming. We had a rough go at the box office, and complaints surfaced about Tom Rothman's rather heavy-handed manner of doing business, but most of us just wrote it off as the rumor mill run amok. However, I happened to be grabbing my lunch at News Cafe (one of the luncheon haunts on the lot), and who should I spy but Chase Carey, then COO of News Corp, and Rupert Murdoch, CEO. Now, to most, this wouldn't mean anything, they do run the company, after all, but I knew what a rarity this was, especially when it wasn't the end of the quarter. I sensed something was afoot, and sure enough, mere hours later, Rothman sent out the email announcing his departure. The news that Jim Gianopulos would continue as solo head of the studio came soon after. Now, in most circles, this wasn't greeted with much shock. We all knew Jim G and he had proven himself to be a steady hand at the helm, but we all felt a sense of uncertainty about what came next. Just because you know the guy doesn't mean he isn't going to make drastic changes.
This is what many Disney employees are feeling today. Granted, my experience was only with one division head, whereas the CEO of the entire company has been replaced, but the uncertainty still applies. Chapek was, by all accounts, not terribly popular with the rank and file. Many seem pleased to have Iger back at the helm, BUT the same challenges remain. Chord cutting certainly isn't slowing, theatrical still has a big question mark, and the parks have suffered reputational damage over the last year. None of that disappears because Bob I is back in the driver's seat. Although Iger has moved swiftly to begin making changes, such as showing Chapek's lieutenant, Kareem Daniel, the door, the financials look pretty rough, so layoffs and cost-cutting might still be a part of the equation.
Additionally, bringing back a 71-year-old CEO who only recently made a note of his desire NOT to return to the company doesn't inspire confidence that the company has a bench of executives ready to take the mantle when needed. These are all things the rank and file are discussing in whatever passes for the water cooler these days in the hybrid workplace. Iger needs to steady the ship, but he should address the dreaded memo about cost-cutting and layoffs and set a succession plan ASAP. I'd also recommend a town hall, especially before everyone disappears into the Christmas season. Vast uncertainty is never good in any business but especially a creative business. Everyone can talk all day about the stock price and the ever-shifting demands of this hedge fund or that, but the rank and file are what put the grease on the wheels. They need to be reassured of what the future holds, and mass emails will only do so much to quell anxiety.
Everyone throughout the company knows that although Iger left on a high note and is still relatively popular, he shares some blame for Disney's current position. Swift and smart communication with the employees will ensure that what seems to be a bump in the road isn't a vast chasm that swallows the company whole.
A Thanksgiving Pages from the Commonplace Book
Last year, we covered Lincoln's Thanksgiving proclamation. This year, we'll focus on the first proclamation from the true original, George Washington. It was issued to celebrate the formation of the government under the new constitution. As with much that comes from the commonplace book, much of it still holds today.
By the President of the United States of America, a Proclamation.
Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor-- and whereas both Houses of Congress have by their joint Committee requested me to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness.
Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be-- That we may then all unite in rendering unto him our sincere and humble thanks--for his kind care and protection of the People of this Country previous to their becoming a Nation--for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the course and conclusion of the late war--for the great degree of tranquility, union, and plenty, which we have since enjoyed--for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted--for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us.
And also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions-- to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually--to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed--to protect and guide all Sovereigns and Nations (especially such as have shown kindness unto us) and to bless them with good government, peace, and concord--To promote the knowledge and practice of true religion and virtue, and the increase of science among them and us--and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.
Given under my hand at the City of New York the third day of October in the year of our Lord 1789.
Go: Washington
This Week on Hollywood Breaks
While Tim and I initially were planning on taking the week off, the Disney news scrapped those plans. We recorded the episode earlier this week, so check it out!
May You All Have a Blessed and Happy Thanksgiving!