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 He has been replaced by Dana Walden.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!
Click here to see what repealing the Reedy Creek Act will mean for Disney World
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board of directors are Disney stockholders themselves, directly answerable to well…Disney stockholders. Maybe they should fire both Bob and themselves…why ? Its difficult to correct their course of action if their rudder and compass are missing…
UGH!
Since Mr. Chapek took over Disney, it is no longer Walt’s Disney. Disney World was never inexpensive but Walt knew that people would always pay for quality. The attitude and the focus of what Disney was is now gone. The cost keeps going up and quality is not increasing; but rather it is declining. The focus now is on maximizing revenue instead costumer satisfaction. This may work for a short period of time; but meanwhile Disney’s reputation will suffer and more and more people will venture off to new locations. People are still flocking to Disney for now but will realize once they get there that it is more of a giant overly expensive headache rather than a nice vacation. Our previous trips to Disney were to experience the MAGIC; but it took Chapek to kill the Magic.
Well said.
Here, here!
I hope the Board of Directors will consider the long term effects from Mr. Chapek’s leadership and NOT renew his contract. Short term financial gains are not worth the long term damage Chapek’s “give less / charge more” policies will do to Disney’s brand.
I know I’ll be in the minority, but thank you board for keeping Bob. You’re getting a lot right with raising prices to trim down crowds, but it needs to go a little further.
The crowds are NOT trimmed down…..and now due to his famous ridiculous Genie+, the lines are worse than ever.
Once the pent up demand for WDW vacations has been satified, I suspect the crowds will decrease and stay lower. IMO, the overly hyped 50th anniversary, that is actually long lines, scaled back/closed attractions and construction screens, will leave visiters rethinking if Disney is where they want to spend their time & money.