he didn't think chapek was doing a good job peltz asked to be put on the board. in november when chapek was fired and iger returned many thought peltz would be appeased and let iger bring back the magic. the magic. peltz wasn't appeased. now he's let's say going to be what, thrilled with the team that bought fox? for what he says was $30 billion more than what it was worth? he's supposed to like that now here's what's key. peltz runs a hedge fund. tryon partners as long as he's on the board the company tends to outperform the s&p 500 by nine percentage points in any given year nine percentage points the ceos of the companies he has helped have given him glowing testimonials even the wunds like heinz and procter & gamble where he had waged proxy fights to get on the board during the time he's been on the boards he's helped increase investments to drive sales growth and market share performance, reduce cost and overhead and optimize capital allocation decisions all of which are things that disney could use which is why i found it so confounding that disney's board

okay chapek was put in power. not going to comment on whether chapek was the right decision or the wrong decision, because i don't want to talk about the departed but the fact is that i don't know that he was given an opportunity to do his job, and what i do blame is i do blame the cfo, because the quarter that he was let go on, which was a disaster, usually -- usually, the cfo will start to warn the street, tell them that things are not good, your consensus is off. they start to do that mid-quarter or as soon as they see the signs that they're going to miss, and this was such a dramatic miss, and chapek bore the full responsibility of that, and -- >> oh. >> oh. >> oh, man >> and zoom stock had been going higher >> we were told that the zoom link would not expire until 9:30 we're going to try and get nelson back. >> in the interim, david, he's making some points that are surprising versus what the company has been saying? and how long he's been actually at this versus what we thought >> yeah, well, first meeting t

what was going back and forth with chapek and peltz? the relationship now i have no idea if there is one, if there was a conduit there established, that would be very interesting. >> we need to find out what we need to know is how much bob chapek shared with the board of disney and nelson peltz was in the board. >> on november 15th, they informed they should not speak further about disney and should speak to the senior executive vice president and chief financial officer of the company. the board must have known. there was back and forth >> christine was the prime mover to get bob iger back into the seat. >> yes, absolutely this is very interesting because why would the board say he should be communicating with the chief financial officer and not the chief executive? there is no obvious answer >> reading through this. this is fascinating. the representatives emphasized the group did not want to engage in a lengthy and costly proxy fight. they supported the agreement of iger returning to the board. they conveyed to iger and other represe

who picked chapek >> the board and iger. iger was the chairman of the board. >> who - >> they would say, jim, they would say -- >> mr. covid was on the board in. >> they would say it was the pandemic and every time they have done a deal, obviously, nub the size of fox, and i remember this because i remember the p pixar deal, marvel, lucas, everybody said they overpaid smaller deals. they said hey, it was right around what the multiple would have been. >> i would call them thin skinned. >> there you have it, the back and forth we have right here is a lot of what shareholders will be thinking about when it comes to disney. >> one more look at futures. an opening bell six minutes from now. we have to get to a break. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's

and then chapek says you can't talk to me and then a few days later, chapek is out. what role diz the pressure from peltz have in that decision? putting that aside, which i think is a very important question for people getting ready to vote in this proxy fight, the issue is to me, is he's cutting iger off. he's saying, this is it for iger he's going to get two years. two years is not that long in that business to turn around an aircraft carrier like disney, and he's saying no, we're going to get him out and somebody else in again, that is not very supportive of iger >> which is what iger said he wants as well, but there's all sorts of questions as to who picks up the baton after that. i looked at total shareholder return jon pointed out that's one metric you take net income, that's increased 400% over bob iger's reign when he departed and that is, you know, that's a good metric. a successful one, i think many shareholders would argue he's slammed for the fox deal, but there's also really good acquisitions along the way as well or successful, i suppose. p pixar, lucas

chapek but that apparently wasn't enough to satisfy mr. peltz. we'll learn more from him, i assume in the not too distant future what it is he after mainly getting on the board. that is currently 12 people. it's going to go down to 11 because susan arnold will step down she will be replaced by mark parker as the company's chairman, of course, the man in the middle is bob iger longtime ceo who stepped back into the role after roughly a three-year absence from that role, not quite. and is tasked with, you know, fighting off or helping to fight off mr. peltz, although much of the board, the new chairman or the existing chairman will be part of that effort and leading this company, of course, that he's only been back at for what has it been, two months? not even, that long and again, melissa, trying to understand what it is that peltz is after will be a key thing here you know, he i believe is fairly close -- used to run marvell and has been a thorn in iger's side, it wouldappear for some time costs will be important here he'll be focused on the lack

chapek exited the company in november after a turbulent two years being replaced by his predecessor, bob iger. >>> ukraine could be getting a boost on the battlefield. the u.s. secretary of state antony blinken hinted at the possibility in washington on tuesday. the top u.s. diplomat said the best part is to give ukraine a strong hand on the battlefield. >> as this aggression has evolved, so, too, has our assistance to ukraine making sure it has what it needs to meet the aggression head on. i will anticipate you'll hear more announcements in the days to come. >>> meanwhile, dutch prime minister mark rutter met with president biden in washington. his country plans to join the u.s. and germany to send patriot missiles to ukraine. >> we will join what you are doing with germany on what you are doing on the patriot project, the air defense system. we think it is important to join them. we discussed this this morning and then on accountability because putin and russia can't get away with this. it's our accountability to take them to court. >> german chancellor schultz is set to address th

and chapek i don't think they can do anything significant until they pay down some debt they're hamstrungbt thing. nelson peltz, bob iger, they probably roll in the same circles. i'm not sure you need to make a big case to get a board seat to affect the change one way or the other and i don't see why bob iger and the board need to give a seat you know what i mean have at it go on cnbc with mr. faber every other week and talk to him about what they should be doing. they will hear it and ultimately it will either work itself into the broader investor base and some of the management thinking. >> matt said the timing was curious. that's probably my word, not his. i think the timing is perfect if you're nelson peltz. listen, he turned 80 years old last summer. he's extraordinary in what he's done in his career this is moby dick for him. i understand procter & gamble's probably twice the size of disney, market cap, but disney is disney. everything he said bob iger knows, absolutely. we talk about the same type of stuff. but if in fact disney starts to turn around nelson can say i i was the guy

. >>> ousted disney ceo bob chapek will get $20 million in severance.he $24 million he made last year. he abruptly left in november after a tumultuous two-year tenure with the company. he'll be replaced by his predecessor bob iger. >>> and gm is releasing the fastest expect quietest corvette ever, an e-ray hybrid. the detroit automaker says the front wheels run on an electric motor while a traditional v8 powers the back. this version of the storied sports car is an all-wheel drive and goes from zero to 60 miles per hour in under three seconds. the e-ray starts at $104,000, and gm says it plans to exclusively offer all-electric vehicles by 2035. >>> that's your cbs "money watch" report for this wednesday morning. i'm shanelle kaul, cbs news, new york. >>> up next, madonna's big announcement. the pop superstar is getting into the groove again for a new tour. we'll tell when you it kicks off. ♪♪ remember the things you loved doing... before your asthma got in the way? get back to the things you love... with fasenra. for eosinophilic asthma. having too many

. >> the whole thing by chapek leaving and iger coming back is similar to what we talked about earlier. you have a huge company and it is important for the investment community to know. bob iger has signed on for two more years we still don't know who the pick is for who will succeed him. that will be the focus on the board going forward. there will be a committee going forward to plan for the eventual successor. they like to hear more details >> they want to hear more detail from that and more from peltz about his solutions. he has made clear what he thinks the problems are, but there is not a lot of clarity or insight what he thinks is the right strategy moving forward. one criticism is he doesn't have experience in the media industry specifically you mentioned experience with p&g and successful campaign there to get the shares moving he is at unilever. when it comes to the media industry, he doesn't have the track record you can see that is not necessarily important in making a positive change, but it is a yellow flag at least that he doesn't have a track record. >> the tstock we wi

that's the severance package for ousted disney executive bob chapek on top of his pay from $24 millionar before. he took over disney in february of 2020 and was out in november after the board determined he was no longer the right person to serve in the role. his predecessor bob iger replaced him. >>> looking at markets around the world. european markets are mixed. inflation in the u.k. coming in at 10.5%. wow, that's high. it's cooling from a 41% high. the dow yesterday fell more than 1% after disappointing earnings from morgan stanley and goldman sachs. the nasdaq extended the winning streak. on inflation watch, gas prices crept higher at $3.36 a gallon. key inflation data. the producer price index, year over year readings are expected to cool. still high but cooling. that is the story in inflation. also in just a few hours, december retail sales. that's the number that measures spending in stores, online and in restaurants. sales fell .6 of a percent in october. it was the biggest monthly decline. sales slowed and holiday related purchases in home products and autos. let's bring in

big deal because bob iger is back and this is one of the first moves he's making to undo what bob chapekof customers, avid park-go ers were complaining it's too expensive and complicated so in florida, walt disney world, annual pass holders can visit whenever they want, without a reservation. they used to have restrictions on that. that's annoying if you're a fan. if staying at a disney hotel, so expensive but the parking is free a little bit of a perk and there's those like professional pictures they take. you can get them for free too, quickly in california, they are going to sell more of the cheaper tickets which start at $104, so small changes, but iger is listening to fans who are out-priced who are, you know , priced out of disney. stuart: and the stock has gone from 84 to 95 in what, since late december. lauren: it was the biggest loser last year. stuart: it was. way down. got to take a look at wwe, the wrestling people. a very solid gain this morning. there's something going on here isn't there? lauren: there is a rumor that's been building for a while, and a report that wwe has

, you know, the -- sort of broader issue when florida went after disney about a year ago then bob chapekment changes -- >> it will be interesting to see how they try to walk the line. disney has done so much in the last few decades to really modernize its programming and the stories it is telling children, the way it presents families and ideas about families. that's very disruptive to people who see it fundamentally as a legacy brand and as something that is supposed to kind of look the same forever, you know what i mean. mickey mouse always looks the same basically and i think that seeing this push back now has been jarring for them. >> you can keep mickey mouse and do important things like one of our favorite movies in our household is disney's more recent "princess and the frog" and it is important for our children to see that diversity in these princesses. come on. >> yeah. and i think, again -- >> that's the key, i think. >> yeah. >> that's the key, it is moving forward and doing characters that are more diverse. listen, i have a -- >> you're saying would they be fighting about it

don't want to replace bob iger as ceo -- returning after a very short term by his successor, bob chapekim to insure a successful leadership transition within the next two years. but flagship ventures partner and media guru rich greenfield thinks iger should sit op on disney's throne for longer than two years. he joins me now live on what could be next for the magic kingdom and some other predictions in media. rich, wow. give me your first, gunpoint reaction. who's going to win -- gut reaction? peltz's people came in on tuesday, met9 in l.a. with the disney people. they did not hear what they wanted. disney said we'll let you be a board observer, not have a board seat. was that a mistake? >> liz, i thought you were going to title this segment mouse droppings. [laughter] liz: we could have. >> look, the the reality is disney has certainly made mistakes, there's no doubt about it that that disney -- the fox acquisition they overpaid for. he brings up things like trying to buy e sky, that clearly would have been a mistake. thank god comcast bought it, because they massively overpaid for tha

it all started when then-disney ceo bob chapek got into a dispute with the governor over florida's parental had dubbed the don't say gay bill. bob iger is back in charge, and he reportedly apologized to disney employees for the company getting involved in a political fight. so the question is, could this mean a potential reversal or compromise in the dispute? if either way, republican state representative randy fine says it's beyond time to level the playing field. >> no private company should control a government mt. united states. it's just -- in the united states. it's just bad public policy. but even worse than that, it gives disney special advantages that hair competitors don't have. why should universal studios or sea world not get the same competitive benefits as disney world? it just doesn't make sense. >> reporter: desantis says local counties in the state will not raise taxes to cover the $100 million in annual operating expenses and the more than a billion dollars in bond debt can. but the real question is whether bob iger can find common ground with ron desantis. let's not forge

chapek dismissed it.he media mafia out there have been talking about it, wondering, would it happen? how could it happen? >> who's this? >> just the hedge fund guys, the bankers, all the guys who focus on media and would there be interest if espn was spun in some way from our parent company, or could you imagine other companies that might want to take a look? it seems more -- less likely that it will happen, but it has -- but iger's ascension to the ceo spot has reinvigorated people who are hoping, perhaps, that there's an opportunity that could be presented by that being spun >> i do work for the company, but you know what comcast has over disney? >> what? >> a balance sheet >> yes yes. and actually, going to get more money when disney steps up to buy more of hulu >> exactly what hulu was, you like that one -- you liked something h"handmaid's tale." >> the first season of that was good i've watched a lot of stuff on hulu watched the fleischmann show >> is it fleischmann fleischmann is in trouble. >> it w

very well know, there was a big debate between governor desantis and disney no longer run by bob chapekwould have imagined -- and the question is whether that would end up on your criteria if you will, but people -- at the time disney thought that it was trying to work on behalf of its employees and then there was sort of a woke/anti--woke as you know very well. >> i'm probably not the right person to ask that question to because if you ask the american public, two-thirds of the american public want ceos to lead with integrity and to be highly ethical >> right. >> i don't think for me personally, i would disagree with the american public i don't like to see companies involved necessarily in a variety of social issues i certainly don't like and most of the american public agrees to see companies involved in political campaigns and political contributions. for me personally and the american public agrees, it is not the purvey of corporations as far as governor desantis goes, today he's my favorite son because in just about 20 minutes he's getting ready to announce a plan to restore the ev