This week Disney’s board of director’s convened to discuss the contract of incumbent CEO Bob Chapek. The board ruled to extend Chapek’s contract, which was due to expire in February of 2023, by an additional three years as of July 1 of this year. Chapek started at Disney nearly 30 years ago and describes his experience working with the corporation as “the honor of a lifetime.” He was named CEO in February 2020, just before the COVID-19 pandemic hit the United States in full force.
Chairman of the Board Susan Arnold commented that in all aspects Disney survived the pandemic and “emerged in a position of strength” thanks to Chapek. Additionally, Arnold described Chapek’s role as CEO “key” to keeping The Walt Disney Company “on the successful path it is on today.”
However, this statement has not arrived after a calm experience in the CEO position. In fact, some wondered if Chapek would be let go, especially after firing the former chief of content Peter Rice. Not to mention his involvement with the Governor of Florida in relation to the “Don’t Say Gay” bill, which cost Chapek trust from his employees (whose morale was already low after long time CEO Bob Iger was replaced by Chapek) in the time it took him to take action.
Nonetheless, Disney has put any question of Chapek’s future in the company to rest, at least for now.