The Walt Disney Company has had a lot going on this year.
At the 2nd Quarter Earnings Call, we learned about how the company had been performing in different aspects. The Walt Disney Company has also surrounded a lot of controversies recently including Florida’s “Don’t Say Gay” bill and a move to dissolve the Reedy Creek Improvement District in Disney World. Bob Chapek has been criticized and his contract was set to end in February of 2023. Now we have a new update on that status of Bob Chapek’s contract with the company.
The Board of Directors for Disney set a retreat during the week and one of the topics expected to negotiate there was Chapek’s contract. Now, we can confirm that Chapek has extended his contract for three years, according to CNBC.
This decision was made by the Board of Directors, which Chapek is a part of himself. Since his contract was set to end in early 2023, we can expect Chapek to be the CEO until 2026. An updated official end date to his contract has not been released by Disney yet.
Susan Arnold, chairman of the board, said “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.”
Arnold also said “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.”
This news comes after the firing of Peter Rice, the former chairman of Disney General Entertainment Content. He was recently replaced with Dana Walden. Stephanie Leifer, EVP of Current Programming for ABC Signature, also left after 28 years with the company.
Chapek has recently commented on capacity in the parks and park pass reservations. He has been with the company for almost 30 years, but took over as CEO in 2020 right before the start of the global pandemic.
We’ll continue to update you on this story as we get more information. Stay tuned to AllEars for more Disney news.
How Disney CEO Bob Chapek’s Salary More Than Doubled in 2021
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The top photo of Mr. “Paycheck” says it all. I see greed all over his face. Imagine walking into a car sales lot and seeing him. He could care less about anyone other than himself. He’ll surely go down as one of the worst CEOs of Disney (in guest opinion) and he has 3 more years to do it.
Bob Chapek may be good financially now. However, it would behoove him to soften up a bit with DVC members. It doesn’t cost much to show appreciation like before. Not showing appreciation has me hesitating to buy a 3rd time!
Not a fan..one by one he has dismantled things that mattered to the GUESTS….you know, the ones who actually pay big bucks to come! He only cares about the bottom line financials….and I say this as a Disney stock holder….he is tearing apart everything we loved….and is the wrong guy for Disney.
Bob Chapek is bad for this company yet the board seems to be snowed. He may know how to keep Disney financially secure however when it comes to the customer – He just doesn’t care!! I am a DVC member and we used to get some nice perks and swag – not any more – we are treated like dirt because it would cost too much to continue to do this for us which is why it has stopped, afterall Bob Chapek is ALL about making money that goes to his salary – us true Disney fans don’t matter…
Thank you board for not listening to social media! Like the sports front office axiom “if you listen to the fans, you’ll be soon sitting with them”, don’t listen to anything anyone says on social media. It represents how, like, 10% of your fan base feels on any and all issues.
I doubt there’s anyone happy about this OTHER than Bob himself.
Obviously the board did not consider customer satisfaction when voting.