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The Walt Disney Board of Directors met to vote on extending Bob Chapek’s contract. Here are the details.
Bob Chapek
When Bob Iger retired in February 2020, Bob Chapek took his place as CEO of The Walt Disney Company. He took charge right before the parks closed in March of 2020 due to the pandemic. Chapek has been in charge for over two years, overseeing the parks, entertainment, and more.
Many claim he is the CEO Disney needs right now, but many also have other strong feelings for him. Today, the Board of Directors met and voted on extending his contract.
Contract extended
They voted unanimously to extend Bob Chapek’s contract for three more years. The Board cites his strong leadership during the pandemic, business results, and transformation strategy in their decision. His contract currently expires early next year.
Susan Arnold, Chairman of the Board, state the following: “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.”
The Board of Directors voted unanimously to extend Bob Chapek’s contract for another three years.
Chapek’s Statement
“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…
Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support.”
Do you like Bob Chapek as CEO of The Walt Disney World Company? What do you think of the Board of Directors’ unanimous vote? Let us know in the comments below and on Facebook.
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Jose
Friday 1st of July 2022
Mind boggling. The Board is incompetent. They are too focused on the Financials and stock price. These are lagging indicators of where the corp is headed. Infrastructure is suffering, guest dissatisfaction is all time high, they lost reedy creek, their movie content is horrific and simply live copies of original content with subliminal LGBTQ messaging. Once post covid vacation demand is over, they are in trouble. Recession is coming and Disney + nd international mkt won't be able to pull them out. Renewing Chapeks contract is a clear indication they have no clue of where they are or where they are going! All they have to do is listen to their customers, but hey the Financials are fine. Right now!
Kathleen Bratby
Thursday 30th of June 2022
Totally agree with all who have identied that Mr. Chapek has ruined the company, for investors and it reputation. How the Board could ignore the feedback from the previous CEO and others really undermines any confidence that they care at all -- but their money must be secure while the rest of us try to invest, mistakenly thinking there is some integrity in the process of managing this entity many of us truly grew up loving. Such a sad commentary unless there is a change of decision - 3 years is far too long to support, and perhaps some specific contingencies could restore some measure of confidence in true ethical responsibility being shown by the Board.
Gregory Zschomler
Thursday 30th of June 2022
I signed the positron to remove Bob Paycheck with 90,000 other Disney fans. We were ignored. I grew up watching The Wonderful World of Color. I've been a Disneyphile for 40 years with annual park pilgramges and have subscribed to Disney+, collected merchandise and more. I love Walt's vision and creativity as well as his entertainment values. The company has lost that. They pay the to brass too much and the backbone cast members too little. They are too greedy. Genie + is a hassle and a money grabber. Corners are cut. They have a political agenda over their roots. I could go on. I'm so disappointed anymore. I'm on hold and holding back my money for now.
Joyce L Lambert
Wednesday 29th of June 2022
You are right Kevin - actually the parks income is about 14% of Disney income. However, the entire focus of Disney Corp comes from Chapek. That's why everyone is upset. Did you ever hear the buck stops here? The political move Chapek made with the governor of Florida, the Disney shows FOR CHILDREN bringing in gay suggestions, along with the extra charges - Genie+, park reservations, higher prices for less entertainment and the imagineers eliminating Walt wherever possible- oh yes its Chapek. Again the buck stops at CHAPEK. Who do you think is pushing the new agenda? YES - CHAPEK!
Sue
Wednesday 29th of June 2022
The parks are the cash cow for the rest of the company, disney needs billions to create content for disney plus….where is that money coming from? The parks.