When Bob Chapek was named the new CEO of The Walt Disney Company in February, it was also revealed that he would be appointed the Board of Directors at a later date. Now that day has come, with Chapek officially joining the Board yesterday.

What’s happening:

  • As expected, Disney CEO Bob Chapek has been elected to the Board of Directors.
  • This move was effective as of April 14th and comes after Chapek was appointed CEO of February 25th of this year.
  • Per an SEC filing, Chapek is not expected to be named to any Board committees at this time.
  • Notably, this news arrives just days after a New York Times report suggested that now Executive Director Bob Iger had resumed responsibility of some of the company’s day-to-day operations amid the COVID-19 crisis.
  • Asked about this shift, Iger told the Times, “A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!”
  • Meanwhile, The Walt Disney Company is set to announce their Q2 2020 earnings on May 5th and discuss them in an audio webcast that afternoon.

What they’re saying:

  • Susan Arnold, independent Lead Director of the Disney Board, and Robert A. Iger, Executive Chairman and Chairman of the Board: “Bob Chapek has demonstrated remarkable leadership in the face of unprecedented challenges that were unimaginable when he became CEO just seven weeks ago, and we’ve watched him navigate this very complex situation with decisiveness and compassion. We are pleased to add Bob to the Board, as we stated we would when he was named CEO.”