Home Disney News NEW: Update on Disney CEO Bob Chapek’s contract

NEW: Update on Disney CEO Bob Chapek’s contract

25
NEW: Update on Disney CEO Bob Chapek's contract
Credit: Disney

The Walt Disney Board of Directors met to vote on extending Bob Chapek’s contract. Here are the details.

Bob Chapek

Credit: Monica

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

Credit: Marisol

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.

Credit: Disney

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

Screenshot: Disney

“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.

Are you planning a vacation? Reach out to our trusted travel agency sponsor Authorized Disney Vacation Planner Mouse Class Travel!

25 COMMENTS

  1. 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!

  2. 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.

  3. 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.

  4. 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!

  5. 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.

  6. My father was a director there .he left 20 years ago .started when it opened ,and left becouse it wasn’t operating the way it started out cutting, corners not keeping there old standards. on its way down from being a one of a kind place .even as a director he would be there shaking the hands of guests on Christmas eve as they left the park. those old guys who built Disney would be turning in there Graves I know my father sure is

  7. It’s amazing how many people here don’t realize that Disney is.more then just the parks. Chapek is the CEO of multiple companies under the Walt Disney Corporation umbrella. Disney+, ABC, ESPN, HULU, FOX, Pixar, Disney animation, Disney cruise lines, Disney theme parks, and the list goes on. Just going off because of what you think about the parks is such a small part of what Chapek is responsible for.

  8. I am so heart broken right now and so disappointed in Disney! “The Magic” is soon to be lost forever because of these bad decisions now made. I for one am done with Disney! My annual pass will not be renewed. I live 8 hours north of Disneyland but still make about 7/8 trips a year. (Sometimes even more) My thousands that I spend there to get away and enjoy “The Magic” will now be going into someone else’s pocket. I literally spent over twenty thousand last year being able to return even with the bad decisions they’ve made. Will, no more! That was that last straw for me. For all we’ve given you you Disney, this is how you treat us. As they say, friends come and go in life. Especially when they have wronged you. Well Disney, this friend has been wronged for the last time. Your 2nd chance is used up. So good bye my old friend.

  9. I am an accountant. Bob is an accountant. I know enough not to be the one to make decisions when it comes to vacations or entertainment for my family since I know the first thing I think of is cost. I just give an idea of a budget which I know will be ignored and enjoy the ride. Bob is not the person to be in charge because creativity wool always be way down on the list. Walt was the imagined, Roy was the accountant. They did all right.

  10. They should have NEVER renewed his contract.
    They are all delusional. We have a Universal annul pass . We have started to go to Universal. It’s cheaper.

  11. Leadership? Disney Stock in Sep 2021 was $184 and now is $94.65 – that is not leadership! Of course streaming did well during COVID – what else was there to do? The parks are over crowded because of COVID – everyone stuck in their homes for 2 years want to get out. You have people who had planned to travel to Disney in 2020 & 2021 now they are all cramming their 2 years of vacation into basically the last 9 months. With all the increases of costs at WDW and the quality decreasing – lets see what a great leader Chapek really is!!!

  12. The problem is Disney has always been able to get away with charging a premium price because guests received a premium product in return. That’s not the case anymore. We are certainly paying a premium, but the quality of services received has seriously deteriorated. Disney’s ok now thanks to people wanting to travel after the pandemic/lockdowns. But how long will that last once people realize how much less they are getting for way more money. And as a stockholder, Disney’s stock value is down about 50% from what it used to be…is that good leadership? Chapek and this board are absolutely terrible…they need to either step up and do their jobs…or step down so someone can restore this company.

  13. It amazes me the amount of people that still believe Disney cares at all about “THE MAGIC”. Disney’s a for-profit company with a board of trustees that is focused on making money. As long as people continue to fork out the money no matter what the experience is offered, then Disney is going to continue on its current path. People are delusional if they believe any board is more concerned about the consumer over money.

  14. Way to go Disney. Push away your consumers even more, ignore our very loud cries to get rid of him. That deals the deal. We are now on site universal guests, for at least the next 3 years.

  15. HUGE mistake. What a way to treat your “guests!” by opting to keep the CEO who has destroyed the magic. The board needs replaced because they are a significant part of the problem.

  16. Disney’s Board just signed the death certificate to the Disney Magic that truly made Disney what it was before Chapak. They should’ve never renewed….and should’ve NEVER renewed for 3 more years.
    Wonder what he promised them to keep him.

  17. Done with Disney. It’s obvious by keeping Chapek, that all they care about is their bottom line. They have lost the magic. Done with Disney.

  18. With petitions going around and so many complaints regarding Disney, Disney stock falling, etc … how can they think he’s so wonderful?! Huge mistake! Let him be their demise. It will be their own fault.

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.