The board of directors of The Walt Disney Co. voted to extend embattled CEO Bob Chapek’s contract for three years.
Chapek’s status had been questioned after the company’s shifting stance on Florida’s “don’t say gay” law upset employees and the governor of Florida, the home of the Disney World theme park. There were also concerns after he fired top TV creative exec Peter Rice, though the board issued a statement in support at the time.
Despite the negative buzz around Chapek, the board said its decision to extend his contract was unanimous
“Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses—from parks to streaming—not only weathered the storm, but emerged in a position of strength,” said Susan Arnold, chairman of the board. “In this important time of growth and transformation, the board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the board has full confidence in him and his leadership team.”
Chapek, age 63, was with Disney for 30 years when he was named CEO. He took over for the well-regarded Bob Iger at the start of the pandemic, which disrupted Disney’s parks and movie businesses.
“Leading this great company is the honor of a lifetime, and I am grateful to the board for their support,” said Chapek. “I started at Disney almost 30 years ago, and today have the privilege of leading one of the world’s greatest, most dynamic companies, bringing joy to millions around the world. I am thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.” ■
