Bob Chapek, Disney's new CEO.

 

When the Walt Disney Co. announced on February 25 that CEO Bob Iger would be succeeded by the Chairman of Disney's Parks, Experience and Products, Bob ChapekThe announcement of the new Disney theme park in Orlando has left many wondering - and some worrying - what this would mean for the company's theme parks. It's a key issue for the region, as Disney's theme parks in Orlando are the biggest cog in the Orlando tourism industry. US$75 billion of Central Florida; and Walt Disney World is the largest employer in the region and receives most of the 75 million annual visitors to the city. In addition, Disney generates work for local construction companies in relation to new attractions and hotels. For example, Walt Disney World is undergoing a great expansion at Epcot, which includes new attractions, shows and areas, as well as building the new Star Wars: Galactic Starcruiser hotel, among other projects. Tuna Amobi, of CFRA Research, said to Orlando Business Journal, who believes the transition will be smooth.

Tuna Amobi, director and industry analyst at CRFA Research.

[mpc_quote preset="preset_0" layout="style_4" author_font_preset="mpc_preset_38" author_font_color="#5555" author_font_size="16" author_font_transform="uppercase" author_font_align="left" author="Tuna Amobi" quote_font_preset="mpc_preset_1" quote_font_color="#8888" quote_font_size="18" quote_font_line_height="1.5" quote_font_align="left" icon="eti eti_quotations" icon_color="#efefef" icon_size="100" icon_opacity="100" border_divider="true" border_css="border-top:0px;border-right:0px;border-bottom:0px;border-left:10px;border-color:#b800c1;border-style:solid;" padding_divider="true" padding_css="padding-top:20px;padding-right:40px;padding-bottom:20px;padding-left:40px;" mpc_ribbon__disable="true"]There will be no major strategic divergence. Chapek was prepared by Iger and he reaffirmed that there will be no change of strategy. Part of the investment in theme parks has already been conceived and initiated by Iger. Also, in some respects, I think he believes in the parks, and the company knows it needs to update the parks to keep them competitive. [/mpc_quote]

Certainly, the title of CEO will require Chapek to oversee many things, from shareholder concerns to the growth of the Disney+ streaming service. But there should be no worries about the theme parks, several experts said.

Amobi said that theme parks usually enter cycles of major investment, and Disney is in that cycle now, which should support the notion that the company will continue to invest money in new attractions and amenities.

And Chapek won't be going into that position alone, but instead with someone helping him make the transition, said Duncan Dickson, a tourism industry expert and retired professor of attractions who now serves as principal of A&D Partners, a human resources consulting firm. That's because Iger plans to fulfill the remainder of his contract ending in 2021 as president of the company, as well as taking a creative role in the efforts he wants to complete before leaving. "[This transition] gives Chapek the opportunity to exchange ideas with Iger. It's a good opportunity to keep the main guy there and train the new guy," said Dickson.

In addition, Dickson said Chapek's more recent role in the theme park business shows how much he values that division, which should allay any concerns. "He was responsible for the parks, so he probably has a better understanding of the park than Iger."

However, Chapek's appointment has provoked some animosity among Disney fans. For example, some have posted on social media that they fear Chapek will cut back on capital investments in the theme parks - with some calling his appointment "a nightmare" for the parks.

But speculating on the future of the theme parks may be a little premature, as there will now be a huge hole left by Chapek's departure from park supervision. And that position will have an equal impact on the parks, said Robert Niles, editor of Theme Park Insider, an attractions website.

[mpc_quote preset="preset_0" layout="style_4" author_font_preset="mpc_preset_38" author_font_color="#5555" author_font_size="16" author_font_transform="uppercase" author_font_align="left" author="Robert Niles" quote_font_preset="mpc_preset_1" quote_font_color="#8888" quote_font_size="18" quote_font_line_height="1.5" quote_font_align="left" icon="eti eti_quotations" icon_color="#efefef" icon_size="100" icon_opacity="100" border_divider="true" border_css="border-top:0px;border-right:0px;border-bottom:0px;border-left:10px;border-color:#b800c1;border-style:solid;" padding_divider="true" padding_css="padding-top:20px;padding-right:40px;padding-bottom:20px;padding-left:40px;" mpc_ribbon__disable="true"]It's really hard to know what it means for the Parks to see Chapek take over Disney's top job, until we know who will replace him and oversee the parks. Despite all the online complaints about Chapek, we mustn't forget that the number of visitors to Disney's theme parks increased under your eyes, just like the recipe. [/mpc_quote]

Niles also said that Chapek supervised o development e a premiere of two attractions popular in portfolio from Disney: "Pirates Caribbean: Battle by treasure sunk", in Disneyland of Shanghai e "Star WarsAscent of resistance", in Walt Disney World and Disneyland Resort. "Chapek delivered numbers e triumphs creative in your divisionwhich was a strong argument to your promotion".

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