Disney extends CEO Bob Chapek’s contract for three years

Bob Chapeck

Disney CEO Bob Chapek has had his contract extended for three years.

The former Disney Parks boss was chosen to succeed Bob Iger in early 2020, his appointment coming just before the Covid-19 pandemic. He has been with the company for nearly 30 years in various management positions, with the board voting unanimously to renew his contract.

Susan Arnold, Chair of Disney’s Board of Directors, said: “Disney has been hit hard by the pandemic, but with Bob at the helm, our businesses – from parks to streaming – have not only weathered the storm, but have emerged in a position of strength. .

“During this important time of growth and transformation, the Board of Directors is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is critical to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board of Directors has complete confidence in him and his management team.

While he had been praised for getting through the pandemic, Chapek faced a lot of criticism for how he handled several incidents.

The highest profile of these was the company’s approach to Florida’s “Don’t Say Gay” bill. Unlike his predecessor who threatened to pull Disney out of Georgia when the state proposed similar legislation, Chapek remained largely silent as the company continued to donate to anti-LGBT Republican politicians in Florida.

The company would eventually speak out against the measure, though pockets of LGBT Disney staff staged walkouts over what they perceived to be disappointing support for their rights. Republican lawmakers later stripped Disney of its self-government status for the “Reedy Creek Development District” that is home to Walt Disney World, though that has yet to go into effect.

Disney under Chapek has also faced a PR war against Black Widow star Scarlett Johansson when she expressed her displeasure with the company’s decision to release the film amid the pandemic simultaneously in theaters and on Disney+.

The company has publicly revealed his salary for the film, which critics say would not have been allowed under Iger, known for wanting to keep Hollywood stars happy.

The most recent controversy was Chapek’s firing of top television executive Peter Rice, who joined Disney when the company acquired 21st Century Fox. It has been described as “not suited to the new Disney culture”.

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