Sunday, August 14, 2022

Disney CEO Bob Chapek gets contract extension

Walt Disney boss Bob Chapek will remain in charge of the troubled Mouse House after the board voted unanimously to grant him a three-year contract extension on Tuesday.

Chapek replaced Robert Iger in February 2020, months before the pandemic forced the company to close its theme parks.

He quickly became embroiled in controversy after Disney’s poor response to Florida’s “Don’t Say Gay” bill and the surprise ouster of Disney TV content chief Peter Rice.

But Tuesday’s decision – which extends Chapek’s contract to 2025 – serves to fuel rumors Iger could return anytime soon.

Disney President Susan Arnold said, “Disney was dealt a hard hand by the pandemic, yet with Bob, our business – from parks to streaming – not only weathered the storm, but emerged from a position of strength. ”

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“At this critical time of growth and change, the Board is committed to maintaining the successful path Disney is taking today, and Bob’s leadership is critical to achieving that goal. The Walt Disney Company’s For Bob is the right leader at the right time, and the board has full confidence in him and his leadership team.”

He fired Rice and installed Dana Walden just weeks after the board’s vote of confidence in Chapek. Insiders regarded the dismissal as a power move because Rice saw a potential threat to Chapek’s job.

“It is a lifetime honor to lead this great company, and I am grateful to the board for their support,” Chapek said in a statement. “I started at Disney nearly 30 years ago, and today I am privileged to lead one of the largest, most dynamic companies in the world, bringing joy to millions of people around the world. I am an incredible storyteller. , thrilled to work with the staff and cast members who create magic every day.”

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