In a major executive shake-up, Peter Rice, chairman of Disney's entertainment and programming, is exiting the company, sources tell The Hollywood Reporter.
Sources say embattled Disney CEO Bob Chapek summoned Rice to his office Monday and relieved the former Fox exec of his duties. The CEO, who took over for Bob Iger last year, is said to have felt that Rice was no longer a fit.
This dismissal took place in a seven-minute meeting Monday evening, according to sources. Chapek told Rice that he was not a fit in "the new Disney culture," to which Rice said words to the effect that he thought they were in the midst of building the new Disney culture. He asked in what way he did not fit and Chapek responded, "Now is not the time" and dismissed him.
Some of the town's most powerful insiders responded with anger. "Peter is beloved," said one agent, noting that he was overseeing a successful division. Referring to Chapek, he said, "How many times does a person have to show you who they are?"
It is notable that the board issued a statement in support of Chapek, who has only a few months left on his contract.
The move comes as a shocker considering Chapek re-upped Rice to a new long-term deal last summer. Sources say Rice has more than two years remaining on his contract and will receive a rich payout.
Rice's top lieutenant, Dana Walden — who also made the move from Fox to Disney — will be taking over his responsibilities. Chapek announced the news in a memo to staff Thursday.
