Disney CEO Bob Chapek Secures Three-Year Contract Extension in Unanimous Board Vote

Disney CEO Bob Chapek has secured a three-year contract extension. The development comes as the Board of Directors unanimously voted on the matter.

What’s Happening:

  • With the Walt Disney Company Board of Directors currently meeting in Orlando, today, the board announced that it was extending CEO Bob Chapek’s contract.
  • Originally, Chapek’s deal was set to expire in early 2023 — marking three years since he abruptly took over for Bob Iger just before the COVID-19 pandemic disrupted several aspects of Disney’s business.
  • As a result, Chapek’s tenure hasn’t been an easy one, as the company’s stock has seen highs and lows separated by more than $100.
  • Chapek has also been a source of controversy, recently catching flack for his response to Florida’s Parental Rights in Education bill (often referred to as the “Don’t Say Gay” bill).
  • However, the move to extend the contract was not entirely surprising as chairman of the Board Susan Arnold expressed support for Chapek amid the ouster of General Entertainment Content chairman Peter Rice earlier this month.
  • Prior to becoming CEO, Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s inception in 2018, and prior to that was Chairman of Disney Parks and Resorts since 2015.
  • He also led Disney Consumer Products and served as president of Distribution for The Walt Disney Studios, and president of Walt Disney Studios Home Entertainment.

What They’re Saying:

  • Susan Arnold, chairman of the board for The Walt Disney Company: “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. 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.”
  • Bob Chapek, Chief Executive Officer: “Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support. 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.”