Disney CEO Bob Chapek gets 3-year contract extension

The Walt Disney Company Board of Directors unanimously voted to extend Chief Executive Officer Bob Chapek’s contract 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 Chairman of the Board Susan Arnold said.

“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,” Arnold said.

However, Chapek has come under fire from several circles since taking over from Bob Iger on Feb. 25, 2020, as he:

• Clashed with Iger prior to Iger’s leaving.
• Had to navigate through COVID-19 as theme parks and movie theaters closed
• Got into a very public contract dispute with Scarlett Johansson that led to her filing a lawsuit against the Walt Disney Co.
• A mishandling of the Disney Co.’s response to Florida’s “Don’t Say Gay” bill that led to a backlash from employees on how the company waited so long to respond and a political battle with the Governor of Florida who is stripping Disney of special district status.

Chapek’s career at Disney spans nearly 30 years. Prior to becoming CEO, Chapek served as Chairman of Disney Parks, Experiences and Products from the segment’s inception in 2018, after serving as Chairman of Disney Parks and Resorts since 2015. Chapek also led Disney Consumer Products and served as president of Distribution for The Walt Disney Studios, as well as president of Walt Disney Studios Home Entertainment

He is only the seventh CEO in the company’s nearly 100-year history.

“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.”