There’s been a lot happening with The Walt Disney Company over the past few months! During the 2022 2nd Quarter Earnings Call, we learned about how various aspects of the company were performing. Disney was also caught up in a few political controversies having to do with Florida’s Parental Rights in Education bill and the Reedy Creek Improvement District.
During this time, Disney CEO Bob Chapek has frequently been criticized. With Chapek’s contract ending in February 2023, many are wondering whether the Board of Directors (the individuals who make the decisions about Disney’s CEO) will choose to renew his contract. Now, we may know the answer.
The Board of Directors meets every few months and discusses things like the performance of top executives as well as the business as a whole. The power to renew Bob Chapek’s contract or find a replacement lies solely with them. Business Insider shared some insight into the Board’s current thought process regarding this decision.
According to a person within the company who is familiar with the decisions made by the Board, it is likely the board will vote to renew Chapek’s contract in one of its upcoming meetings. This could take place either at their meeting in June or the one in September. Since Chapek’s contract ends in February, the board has until then to make a decision.
This information follows several recent changes to executive leadership within the company, including the firing of Peter Rice, the chairman of Disney General Entertainment Content. He has been replaced by Dana Walden. Another top executive, Stephanie Leifer, EVP of Current Programming for ABC Signature, also recently made the decision to leave the company after 28 years.
A formal decision regarding Bob Chapek’s contract has not yet been made, but with the next meeting of the Board of Directors happening this month, we will be on the lookout for any updates. In the meantime, make sure to keep reading AllEars for the latest news from the Disney company, as well as the parks!