Bob Chapek, the CEO of Walt Disney, has sacked his high-ranking executive and deputy Peter Rice, which comes after industry rumors suggested Rice was looking to replace Chapek, his boss. Under Chapek’s leadership Disney’s stock has fallen by up to 33% at the time of writing. Peter Rice’s resignation came as a shock to the market, and was told that he had failed to meet the standards of Disney’s corporate culture. 

Rice was born in the United Kingdom and rose through the ranks at 21st Century Fox to become President and Content Chief, and was one of just four Disney executives who reported directly to Chapek. He joined the firm in 2019 after the company acquired 21st Century Fox.

Rice, according to sources from Reuters, had a falling out with Disney’s senior leadership, and his exit was “a long time coming,” according to one unnamed source. According to the person, the CEO decided Rice didn’t work constructively with others and was more interested in maintaining his own fiefdom. This information comes based on comments from other Disney employees.

According to the Hollywood Reporter, Rice was seen as a potential replacement for Chapek, who gained full control of the firm from Bob Iger at the end of last year after a long and controversial transition. Rice’s sacking, which came years before his contract was set to end and will inevitably cost Disney a lot of money, was widely regarded as Chapek consolidating authority and eliminating a potential rival for the top job at Disney.

Disney’s board chair published a statement supporting Chapek after Rice’s dismissal became public, marking the board’s first public show of support for the struggling CEO, who has only a few months left on his term.

Dana Walden, Rice’s top deputy, will take over as his successor immediately. With Disney’s acquisition of 21st Century Fox in 2019, both Walden and Rice joined the firm. Walden herself was responsible for entertainment in the Walt Disney Television sector of the company. Walden previously served as chairman and CEO of the Fox Television Group, which included the Fox Broadcasting Company, the studio behind hit shows like “This Is Us,” “Modern Family,” and “Glee.” Walden will oversee ABC Entertainment, ABC News, Disney Branded Television, Disney Television Studios, Freeform, FX, Hulu Originals, National Geographic Content, and Onyx Collective in her new job at Disney.

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