Disney CEO Bob Chapek has gotten a new long term contract as the the board meets this week. They voted unanimously to extend his current deal, which expires in Feb. of 2023, for three years.
“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,” the board said.
Chapek has been having a rough ride and some wondered whether a longer term future for him atop the media giant was in the cards. Board chairman Susan Arnold came out in support of Chapek earlier this month after an executive shuffle that included the firing of Peter Rice.
“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” Chapek said.. “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.”
Chapek, 63, was named CEO in Feb. of 2020 just as Covid shuttered the global economy. He took the reins from Bob Iger in what was a rocky transition as the former chief remained on to oversee Disney’s creative businesses before exiting.
Prior to becoming CEO, Chapek headed Disney Parks, Experiences and Products and was chairman of Disney Parks and Resorts. HE also ran Disney Consumer Products and served as president of Distribution for The Walt Disney Studios, and president of Walt Disney Studios Home Entertainment.
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