Brew Markets – Disney CEO’s Roller Coaster First Week & Founders Return to Shoemaker On
Host: Ann Berry
Date: March 25, 2026
Episode Overview
In this episode of Brew Markets, Ann Berry explores a week of headline-grabbing leadership shuffles and market drama. The episode focuses on Disney’s tumultuous C-suite transition as Josh D'Amaro steps in as CEO and faces a cascade of business challenges within days, and On Holding—the Swiss sneaker disruptor—announcing the return of its founders as co-CEOs following disappointing market guidance. Additional segments touch on legal challenges for social media giants, airport chaos spurring Clear's stock rally, and a SpaceX-adjacent IPO lift.
Key Discussion Points & Insights
1. Founders Returning: On Holding Joins the “Boomerang” Club
(Starts 00:32)
- Definition & Trend: “Boomerang founders” are those who hand over CEO duties to a more corporate exec before returning when the business loses momentum. Companies like Etsy, Starbucks, Apple, Dell, J. Crew, and Bumble have seen this trend.
- On Holding’s Leadership Changes:
- Co-founders David Alleman and Caspar Copetti return as co-CEOs, replacing Martin Hoffmann on May 1.
- Hoffmann’s background: 13-year company veteran, previously CFO, instrumental in professionalizing the company for its 2021 IPO (supported by Roger Federer).
- Market Reaction: Stock is down ~7% for the day after the announcement, erasing post-IPO gains that had previously hovered around +10%.
- Underlying Issues:
- Recent earnings met expectations but 14% stock drop followed due to disappointing forward guidance—projected 23% sales growth, below prior 35%+
- Soft sales in apparel, accessories, and direct channels (esp. Americas and Asia-Pacific).
- Diversification from core sneaker business is questioned.
- Company Rationale:
- Move “designed to even more closely connect founder-led strategic intent with execution.”
- “Ensures On remains agile and decisive while continuing to scale.”
“While most footwear and athletic apparel brands would be ecstatic at that kind of growth, ON's investors took a glass half empty view.” – Ann Berry (03:27)
2. CEO of the Week: Disney’s Josh D’Amaro and His Rough Start
(Segment starts 05:13)
A. D’Amaro’s Background and Succession Saga
- Took over Disney’s CEO role March 18 from Bob Iger.
- Disney’s chronic succession turmoil: Iger stepped aside in 2020 (replaced by Bob Chapek), then returned less than two years later.
- Final contenders: Josh D’Amaro (Disney’s experiences—theme parks, cruises, products) vs. Dana Walden (entertainment—TV, film, streaming).
- D’Amaro’s initial vision: Closer fan engagement through new technologies, with a focus on interactivity (gaming, immersive experiences).
B. D’Amaro’s “Ides of March” – A Cascade of Crises
(from 06:55)
-
Sora (OpenAI-Disney Video Generation Partnership Implodes)
- Disney’s planned $1B investment in OpenAI’s Sora (text-to-video AI, with Disney IP integration) abruptly unraveled when OpenAI shuttered Sora.
- The deal: Announced Dec 2025; ultimately, “no money changed hands—the deal was never finalized.” (09:35)
- Disney’s statement:
“As the nascent AI field advances rapidly, we respect OpenAI's decision… We will continue to engage with AI platforms to find new ways to meet fans… while responsibly embracing new technologies that respect IP and the rights of creators.” (09:40)
- Implications: For now, AI-generated content is less of a threat to traditional media than feared.
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Disney’s $1.5B Stake in Epic Games (Fortnite Developer)
- Epic Games announced over 1,000 layoffs after Fortnite lost engagement momentum.
- Disney’s investment was seen as a strategic win—and feather in D’Amaro’s cap.
“[The] key factor in the succession plan was who was going to make sure that [the Epic] relationship panned out.” (12:17)
- Layoffs underline the volatility of the gaming sector and challenge Disney’s plans to tie its IP into Epic’s universe.
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Abu Dhabi Theme Park Expansion Hit by Geopolitics
- Disney’s anticipated expansion to Abu Dhabi now clouded by instability in the Gulf region (citing the Iran conflict).
- No official delay announced, but “sentiment and investment sentiment” are uncertain.
-
Content Crisis: The Bachelorette & Hulu Fallout
- On D’Amaro’s second day, ABC pulled the current season of The Bachelorette after a scandal involving the star.
- Hulu’s Secret Lives of Mormon Wives season five also paused.
- Estimated losses: $30M for ABC due to Bachelorette (not counting the cost of replacement programming).
- “Disney’s shares, down 3% since last week, down 15% year to date…nearly 50% over five years.” (14:49)
“If you’re a new CEO, if he gets through this…he can be the guy who turns it around.” – Ann Berry (15:06)
C. The Challenge Ahead
- Disney is trying to pivot beyond streaming—building interactivity and user-generated content into its brand.
- All these initiatives (games, partnerships, direct engagement) are stalled or struggling.
“There’s so many other streaming things. So…they’re trying to make it interactive, they’re trying to have games, they’re trying to have user generated content.” – John (15:18)
3. Market Headlines & Quick Takes
(Starts 17:30)
A. Social Media Liability Verdicts
- Jury in Los Angeles finds Meta and YouTube liable in a social media addiction lawsuit, signaling risk for other platforms.
- Meta also ordered to pay $375 million from a separate ruling in New Mexico over misleading users about app safety.
B. Airport Chaos = Clear Stock Surge
- Identity verification firm Clear (ticker: UYOU) jumps 60% in a month due to airport disruptions (unfunded TSA, long lines).
- Mention of interview with Clear CEO Karen Simon Becker (Nov 2025 episode) discussing expansion and Clear Concierge service.
“It’s a small amount to pay to make your flight and be disliked by everyone.” – Ann Berry (20:15)
C. Satellite Stocks Pop on SpaceX IPO Buzz
- EchoStar (SATS) stock up 11% as SpaceX is rumored to be filing for IPO; EchoStar has a 3% stake in SpaceX.
Notable Quotes & Memorable Moments
-
On On Holding’s founder return:
“Leadership shakeup comes as On is preparing to enter its next growth phrase…ON could not stop the market feeling spooked by the C-suite turnover.” (03:10)
-
On Disney’s new CEO’s “luck”:
“I’ve got to imagine that in Josh D’Amaro’s mind, March 18th is the equivalent of the Ides of March for him.” – Ann Berry (07:06)
-
On partnership turmoil:
“The money and attention going elsewhere. So again, new CEO Josh D’Amaro, the, you know, the flagship AI partnership is now gone. Yes. Gone away.” (10:21)
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On being CEO in crisis:
“If you’re a new CEO, if he gets through this, if he sleeps and works out and manages to just get through the stress of this, I mean, this all may as well come at the beginning, right?” (15:06)
-
On travel privilege:
“It’s a small amount to pay to make your flight and be disliked by everyone.” – Ann Berry (20:15) “Yeah, it’s a be-disliked pay for the hatred.” – Ann Berry (20:19)
Timestamps to Key Segments
- 00:32: On Holding’s founders return as co-CEOs—market context and rationale
- 05:13: “CEO of the Week” – Disney’s new CEO D’Amaro’s tumultuous start
- 06:55: Deep dive into D’Amaro’s early challenges (AI partnership collapse, gaming investment, theme park ambitions, content scandals)
- 14:49: Disney share performance and strategic crossroads
- 17:30: Market wrap—Meta/YouTube legal verdict, Clear stock surge, EchoStar on SpaceX IPO news
Tone & Style
Conversational, witty, and candid—Ann and the team blend high-level analysis with snappy, accessible commentary, not shying from gallows humor about corporate mishaps or the frustrations of modern travel.
This lively episode is essential listening for anyone tracking the intersection of executive leadership shakeups, tech/media convergence, and the real-time impact of news on markets.