Bank analysts: Disney’s bad morale, Bob Chapek’s creative struggles led to Bob Iger’s return

Disney’s board wanted Bob Iger to return as CEO after losing faith in Bob Chapek’s creative leadership abilities and growing more worried about bad employee morale, Deutsche Bank analysts said in a new research note.

The analysts said they believed The Walt Disney Company Co.’s disappointing fourth-quarter earnings this month was less of a direct factor in the board’s decision to fire Chapek, although the market and media’s “visceral reaction” also “influenced the timing of the decision,” the note said.

“The handling of certain other highly publicized situations (e.g., Reedy Creek Improvement District in Florida) probably also played a role,” the note said, alluding to the political backlash over the “Don’t Say Gay” bill that turned into Republicans threatening to strip Disney’s government of its powers.

“We believe Disney’s Board made the decision to reinstate Bob Iger as CEO and release existing CEO Bob Chapek for many of the same reasons they parted company with then-CEO heir apparent Tom Staggs back in 2016 — lack of confidence in the executive’s creative leadership abilities; including the management of Disney’s own creative people/organizations, fostering relationships with talent, and having the creative acumen required to set and ensure successful execution of strategies around content creation and IP development,” the analysts said in the research note published Monday after Disney’s surprise announcement Sunday night Chapek was fired and being replaced with Iger, who previously led Disney for 15 years.

“Disney’s theme parks, cruise line and consumer products/licensing businesses ‘seem to be firing on all cylinders,’” the note said, “But for the need to rein in domestic parks operating costs, we don’t see any need to make strategic shifts there. This isn’t surprising as Bob Chapek had run the Parks for years with great success.”

For Iger, his focus will likely be rebuilding relationships and restoring confidence and morale among employees “especially in creative areas,” the note said. Iger’s task should also focus on “ensuring that Disney’s content/IP engine is organized and resourced to optimize creative output” and making the company run more cost-effectively.

Iger’s return is for two years only, so it’s also crucial for him to work with the board on identifying a new successor, according to the note by Bryan Kraft, Benjamin Soff and Spencer Amer.

“The focus has to soon shift to who’s next?” the analysts’ note said. “Having twice named successors for Mr. Iger, whom are heavy on operations and finance experience, but light on creative leadership, we think this time will be different. The challenge is that creative executives who also have all of the other skills needed to be the CEO of a company with the size, global footprint, and public profile of Disney are few and far between.”

After all, the analysts said, “There just aren’t any other Bob Iger’s out there.”

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Caterpillar intros two new mini excavator ease-of-use features

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Caterpillar introduced two new mini hydraulic excavator ease-of-use technologies — Indicate and E-Fence — for its 306 CR, 308 CR and 309 CR mini hydraulic excavators.

Caterpillar’s new E-Fence feature for mini excavators (Photo: Caterpillar)

Indicate provides visual and audible indications for bucket position compared to target grade to assist operators in cutting to exact specifications. The technology allows the operator to select target depth and slope from the in-cab guidance system, and the monitor provides work-in-progress and distance-to-grade feed.

E-Fence automatically constrains machine motion within the operator’s preset boundaries for ceiling, floor, wall and swing. Once a user establishes E-Fence range limits using the machine’s touchscreen monitor, no part of the boom, stick or bucket will pass the predefined limit(s), according to the company.

Both E-Fence and Indicate include Swing Assist — which stops the machine swing at set points — and Bucket Assist — which maintains the last known bucket angle — features.

The company says customers can order Indicate and E-Fence as a bundle or as separate feature packages installed at the factory or through dealers as an upgrade kit. Indicate and E-Fence are not currently available for Cat 308 CR Variable Angle Boom, 309 CR Variable Angle Boom, 308 CR Fixed Boom or canopy models.

The post Caterpillar intros two new mini excavator ease-of-use features appeared first on Landscape Management.

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What does Disney’s surprise CEO switch mean for park visitors?

Disney World fans these days list a litany of complaints, from the stress of using Genie+ on their vacations, Disney’s prices rising and the extra hurdle of snagging an advance reservation to visit the parks. They miss park hopping with ease.

Down the street, Disney’s biggest competition is constructing a massive new theme park, Epic Universe. Meanwhile, it’s taken Disney almost five years to finish building the Tron coaster at the Magic Kingdom.

And Gov. Ron DeSantis, who butted heads with Disney, recently won re-election by a landslide.

This is the complicated Florida landscape for Robert Iger, back as the new leader of the Walt Disney Company. Shocking the industry, Disney announced Iger is in as CEO, and Bob Chapek, who ran the company throughout the pandemic, is out.

For Iger, entertainment journalism veteran Jim Hill called it a “triage situation. What do you fix first?”

The Walt Disney Company is a mammoth business, owning ESPN, Pixar, Lucasfilm, 21st Century Fox, a streaming service as well as the beloved theme parks — the fan base that has been calling for Chapek’s exit the longest.

Under Chapek’s tenure, Disney began requiring theme park visitors to make advance reservations to control and limit attendance. The company also eliminated Disney World’s free FastPass system, replacing it with a pay-to-skip-the-lines program called Lightning Lanes and Genie+. Disney also recently raised ticket prices. Overall, it’s been a strategy that’s paid off on Wall Street. Disney’s parks posted record-breaking finances.

Now that Chapek is gone, Disney analyst Rick Munarriz doubts those money-making generators or the reservation system are going away.

“You don’t walk away and leave that money on the table,” said Munarriz, who covers Disney for The Motley Fool.

“Ticket increases and Genie+ aren’t going away. Every other theme park operator offers something similar, and it’s a big reason for the 40% increase in per capita revenue since 2019. Park reservations could go away if Iger increases capacity, and by that I mean quickly adding diversions and attractions to increase the ability for the parks to absorb more guests. Even with the park reservations system you currently have people complaining that the parks are too crowded.”

Hill, who co-hosts “The Disney Dish” podcast and runs his blog JimHillMedia.com, will be watching closely what Iger does in the next five months at the parks.

“Iger will be doing a lot of things that will make the investment community really happy and that will make the fan community happy,” Hill said.

But Hill believes Iger will also be playing cleanup and removing Chapek’s people who are stymying development as well as reaching out to those who Chapek forced out, like top Disney’s top TV content executive Peter Rice, who was fired from the company in June.

Chapek’s reputation as a CEO was someone who lived and died by the spreadsheet, Hill said.

“I’ve had so many friends who work in Imagineering talking about going in and pitching new stuff for the parks. It’s light years away from what it used to be with Michael Eisner and Bob Iger. They were always, ‘Well, what’s the ride about and what story is it tied to? And which park do you see it going into?’” Hill said.

“And Bob Chapek always started from, ‘Well, how much is this going to cost?’ And sometimes, the presentation would die at that very moment. It’s like, ‘no, no, no, that’s far more than we were ever willing to consider spending.’”

It’s clear the company wanted a more experienced leader in Iger, said Hill, looking strictly at Florida’s point of view.

Chapek angered Disney employees for not publicly fighting hard enough enough against a controversial Florida measure limiting LBGTQ instruction in schools, which critics called the “Don’t Say Gay” law.

When Chapek finally spoke out into opposition, he angered the other side — the Republicans in state power who stripped Reedy Creek, Disney’s government, of its power next year. It’s unclear what exactly will happen next year and if Disney’s government will operate largely as it did before.

With Iger in charge, Hill called Disney’s fight with DeSantis “neutered.”

“You don’t need somebody like Bob Chapek who is a deer in the headlights when things like this come up,” Hill said. “Face it … there was nobody better and smoother at public relations than Bob Iger.”

Munarriz argued Chapek “got a raw deal” with the bad headlines.

“The media giant isn’t any more ‘woke’ than the other media companies and theme park operators out there. He was egged on from the Left and the Right to take a position, and both sides still weren’t happy,” he said. “Iger is more of a diplomat, but he’s no shrinking violet when it comes to politics. It’s been widely believed that he initially left Disney to pursue his political ambitions. I don’t see that changing.”

In Orlando, Universal is adding fire to the theme park fight with a brand new theme park, Epic Universe, opening in the summer 2025.

“That park is going to change the center of gravity for tourism in Florida for a couple of years,” Hill said.

What will be Disney World’s answer?

Iger is at least someone who knows “how to move heaven and earth to get something open,” Hill said, alluding to the challenges Iger overcame to build Shanghai Disneyland.

The unexpected news of Iger’s return brought celebrations among theme park fans, Disney employees and Wall Street where Disney stock jumped. But Munarriz said Chapek deserves to be remembered for leading the company out of the unprecedented disaster of the pandemic when theme parks and movie theaters shut down.

“I am excited to see Iger back. Investors are excited to see Iger back,” Munarriz said “The Chapek era will be dusted under the rug, but I hope he’s one day celebrated for getting Disney through one of its most challenging periods.”

The post What does Disney’s surprise CEO switch mean for park visitors? appeared first on Florida Politics - Campaigns & Elections. Lobbying & Government..

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Pro-abortion activists may be scarce while anti-abortion crowd rallies Tuesday at the Capitol

While anti-abortion activists plan to rally on the Florida Capitol grounds and inside the building Tuesday, abortion rights groups may not be around to counter their messaging.

That’s because Planned Parenthood advocates for abortion access told the Florida Phoenix that they don’t have current plans to organize a protest or rally that day, when the Legislature convenes following the Nov. 8 election.

Laura Goodhue, executive director of the Florida Alliance of Planned Parenthood Affiliates, explained in an email to the Phoenix:

“Throughout the year and across the state, Florida’s Planned Parenthood affiliates, along with our supporters and allies, hold rallies, marches, protests and other kinds of community events, usually around specific issues.

“So, for example, we’re more likely to hold an event at the state Capitol around a committee meeting or floor vote on a bill we’re concerned about than during the largely administrative organizational Session.”

For example, in May, the Florida affiliates of Planned Parenthood organized a protest at the Florida Supreme Court building following the leak of the U.S. Supreme Court draft Roe v. Wade opinion that would ultimately overturn federal abortion protections.

Currently, Florida has a 15-week abortion ban, though lawmakers may be considering more abortion restrictions. And following the Nov. 8 election, both the House and Senate will have supermajorities in their chambers, which can make legislation easier to pass.

Meanwhile, an anti-abortion group called Florida’s Voice for the Unborn plans to bus abortion opponents up to the Capitol building and rally during the organizational session to push their message “Make Florida Totally Abortion Free.”

Florida Voices for the Unborn has a full itinerary of advocating for further abortion bans in Florida on Tuesday, which includes “peacefully” protesting inside the rotunda of the Capitol building, attempting to speak with lawmakers about their anti-abortion stances, and delivering postcards to lawmakers and encourage them to approve a total ban on abortion, according to a Friday press release.

___

Danielle Brown reporting via Florida Phoenix.

Florida Phoenix is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Florida Phoenix maintains editorial independence. Contact Editor Diane Rado for questions: info@floridaphoenix.com. Follow Florida Phoenix on FaceTwittertrong> and Twitter.

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For Pensacola owners, trees are an important part of any landscape, but they also need to be maintained and trimmed properly to avoid becoming a hazard.

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source https://floridapolitics.com/?p=572567

Fentrice Driskell names House Democrats’ leadership team

House Democratic Leader Fentrice Driskell named an all-South Florida group of Representatives to lead the Democratic Caucus Monday, with Miami Rep. Dotie Joseph at the forefront as the Democrats’ Leader Pro Tempore.

This upcoming term, Democrats are more marginalized than ever. Republicans won a supermajority of seats in Midterm Elections earlier this month. That group will form the Republicans’ largest Conference since Reconstruction, giving them the right to control amendments, limit debate time and even the right to waive all rules.

Driskell of Tampa highlighted her team’s fighting spirit in a news release Monday

“The House Democratic Caucus is made up of some of the strongest, most fierce champions of the people in the entire state,” Driskell said. “It is an honor and great pleasure to work with these individuals in this new capacity, and all of them are prepared to lead the Caucus in the face of the challenges that lie ahead of us.”

Also on the Democratic Caucus leadership team announced Monday are:

— Boca Raton Rep. Kelly Skidmore, serving as Policy Chair.

— Davie Rep. Mike Gottlieb, serving as Floor Leader.

— Parkland Rep. Christine Hunschofsky, serving as Whip.

There are 35 Democrats in the House and 85 Republicans.

Driskell said she’s known Joseph since the two were at Georgetown University Law together. Joseph, now in her third term in the House, will be stepping in when Driskell is unavailable. Driskell called her an invaluable asset for defending Florida’s from “extremist Republican policies.”

“She has always been a consistent champion for justice,” Driskell said in her prepared statement announcing the leadership team. 

As Policy Chair, Skidmore, who’s served a total of six years in the House during two different stints, will be leading bill discussions before the House at Caucus meetings, Driskell said. The role taps into Skidmore’s policy knowledge, Driskell said.

“Rep. Skidmore also brings with her a wealth of experience as both a former House and Senate staffer and House member,” Driskell said.

Gottlieb, meanwhile, will be in charge of making sure that Democrats get the debate that’s coming to them, Driskell said. This will be his third term in the House.

“What we need right now is someone who is unwavering under extreme pressure to help guide our Caucus during difficult moments,” Driskell’s statement said. “Rep. Gottlieb is perfectly suited for this role.”

As Democratic Whip, Hunschofsky will be in charge of making sure that all the Democrats know what’s going on. She’s going into her second term, but has already stood out, Driskell said.

“Not only does Rep. Hunschofsky possess a wealth of knowledge due to her experience as the former Mayor of Parkland, Florida, she is also a champion of many initiatives close to Floridians’ hearts, such as expanding access to quality mental health care,” Driskell said. “I know Rep. Hunschofsky’s knowledge and ability will help prepare our Caucus for the challenges of the next two years.”

The post Fentrice Driskell names House Democrats’ leadership team appeared first on Florida Politics - Campaigns & Elections. Lobbying & Government..

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source https://floridapolitics.com/?p=572627

House Dems formalize Fentrice Driskell as Leader amid turbulent times for party

House Democrats have designated Rep. Fentrice Driskell as their Leader for new Legislative Term, selecting her as the first Black woman to lead a party caucus in the Florida House.

While the ceremony Monday evening was a celebration of Driskell’s ascension to power in the minority, Democrats’ losses in the election two weeks ago hung over their early meetings as lawmakers returned to Tallahassee.

During the ceremony, Democrats spoke of storms and fears of the erosion of rights in Florida. Driskell said the moment feels dark, expressing concerns about racial discrimination, antisemitism, abortion, LGBTQ rights and more.

“The people sent you here, and you are called for such a time as this,” she continued.

Republicans grew their majority from 78 of 120 to 85 of 120, picking off Reps. Andrew Learned and Carlos Guillermo Smith and putting them beyond the 80-member threshold needed for a two-thirds majority.

Enacting a vision pushed by Republican Gov. Ron DeSantis, the Legislature passed laws on elections and culture war issues around education. Democrats stiffly opposed the measures in vain.

Driskell told the caucus they fight for actual freedom, not the “so-called freedom” pushed by Gov. DeSantis. She argued the red wave that swept Florida two weeks ago doesn’t represent the diverse sentiment of the state, she continued.

Despite Republicans’ underwhelming performance nationwide, Florida was a route for the GOP. Following the election, Driskell said people are asking what happened to Florida Democrats, and she likened the challenge of breaking Republicans’ bind to that of untying the Gordian Knot.

“We have ideas of substance. We have a message of hope,” Driskell said. “We must lash through that knot, though we may not cut through it in a single blow or even in a single year or Session.”

Democrats will fight for fully funded public schools, womens’ rights, affordable housing, property insurance, higher wages and more, she added.

“You are the party, we are the party, and change starts right here, right now,” Driskell said.

House Democrats’ leadership team will also include Miami Rep. Dotie Joseph as Leader Pro Tempore, Boca Raton Rep. Kelly Skidmore as Policy Chair; Davie Rep. Mike Gottlieb as Floor Leader and Parkland Rep. Christine Hunschofsky as Whip.

Joseph suggested Florida is in the midst of a GOP storm but has forgotten the bigger picture.

“We’re like little grasshoppers in our eyes against these giants,” Joseph said. “I’ll tell you something. Giants were made to fall.”

The ceremony was overseen by former House Democratic Co-Leader Bobby DuBose, who began in the position last term before resigning to run for Congress in a Special Election.

It was as much a celebration of Black “herstory” as it was a history of Driskell.

Colleagues praised the Tampa lawmaker’s history of achievement. In turn, she recognized those who came before her, including Arthenia Joyner, the first Black woman to be Senate Democratic Leader in Florida.

Driskell’s counterpart in the upper chamber, Senate Democratic Leader Lauren Book, attended the ceremony. So too did former Democratic members of the Florida House and outgoing Agriculture Commissioner Nikki Fried.

The post House Dems formalize Fentrice Driskell as Leader amid turbulent times for party appeared first on Florida Politics - Campaigns & Elections. Lobbying & Government..

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source https://floridapolitics.com/?p=572629

Florida kicks off inspection, grant program to harden homes against hurricanes

A program designed to entice Florida homeowners to pay for improvements to their homes that will make them more resistant to hurricane-force winds is officially open for business.

Homeowners with a homestead exemption can apply with the Department of Financial Services (DFS) for a free home inspection and then can see which wind mitigation improvements would suit their home to qualify for up to $10,000 in grants from the state.

Wind mitigation measures include improvements to a roof to protect against water leaks, roof-to-wall anchoring, and installing hurricane force winds-resistant garage doors and window shutters. A homeowner can qualify for $2 in credits for every $1 they spend, but the grants are capped at $10,000 per homeowner, so a person must spend $5,000 to receive the maximum grant award.

Also, only contractors chosen by DFS to be part of the program can be selected by the homeowner to conduct the work.

Depending on the type of mitigation, the homeowner could receive a reduction in their insurance premium as well.

There are restrictions on who can qualify for the inspections and grants, however. Aside from the homestead exemption, a home must be insured for less than $500,000 and the home must have been built before Jan. 1, 2008.

The Legislature approved the program during a Special Session last May as part of its effort to bolster the flagging property insurance market, which has seen large premium hikes and six companies that have failed, even before Hurricane Ian hit as a Category 4 storm on Sept. 28.

According to DFS, the program had a “soft launch” earlier in the month and has received more than 400 applications for inspections. DFS estimates there will be enough funding to conduct 140,000 to 145,000 inspections and hand out 11,000 to 12,000 grants, based on current funding.

Homeowners can apply for the program here, and contractors wishing to be on the DFS list of eligible vendors can apply here.

The post Florida kicks off inspection, grant program to harden homes against hurricanes appeared first on Florida Politics - Campaigns & Elections. Lobbying & Government..

For Pensacola owners, trees are an important part of any landscape, but they also need to be maintained and trimmed properly to avoid becoming a hazard.

Neglecting to trim or remove trees can lead to dangerous situations, such as limbs falling on homes or people, or roots growing into the foundation of your home.

Pensacola Tree Service is the perfect solution for all your tree maintenance needs. We have experienced professionals who will take care of your trees quickly and safely.

source https://floridapolitics.com/?p=572558