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After months of speculation, Disney has extended the contract of Bob Chapek, with the company CEO set to stay at its head until at least 2025
Tom Anstey | Planet Attractions | 29 Jun 2022
Mickey Mouse and Bob Chapek will remain colleagues for at least three more years Credit: Disney
Disney’s board has voted unanimously to extend CEO Bob Chapek’s contract by three years, with the chief executive hailed as the “right leader at the right time” for the company.
Doubts had been cast over Chapek’s leadership in recent months, after a number of controversies engulfed Disney, namely a feud with Marvel star Scarlett Johansson and a months-long encounter with Florida’s controversial governor, Ron DeSantis, over the ‘Don’t Say Gay’ bill. But the unanimous decision ends speculation over Chapek’s position at the head of the company until at least 2025.
“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,” said Disney chair Susan Arnold.
“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.”
Since replacing Bob Iger as Disney CEO in 2020, Chapek has successfully steered the company through the worst part of the Covid-19 pandemic, which forced the closure of Disney’s parks for up to a year. With cinemas also shut, Disney had to deal with alternative methods of releasing its blockbuster hits, turning to Disney+ as its solution.
Chapek will now move on safe in his position but will still have to deal with issues that have concerned Disney employees, upset fans and angered government officials.
With parks now reopening, the hardcore fanbase has been vocal over increased costs, the slow return of attractions and the introduction of elements such as Genie+. Despite these concerns, park revenues have soared to an all-time high, making Disney a popular buy for investors.
Disney is also embroiled in a very high-profile feud with Ron DeSantis, who is stripping Disney of its self-governing status in Florida in response to its opposition to a contentious law which limits discussion of LGBTQ issues in schools.
After immense pressure from the public and cast members, including staff walkouts, Disney said it would suspend political donations within Florida, adding that it was committed to supporting those working to oppose the controversial ‘Don’t Say Gay’ ruling. DeSantis responded by signing a bill into law that will see the Reedy Creek Improvement District which contains Disney World eliminated by June 2023, meaning that in addition to tax implications, Disney would also not be able to build new structures without the approval of a local planning commission.
“Leading this great company is the honour of a lifetime, and I am grateful to the Board for their support,” said Chapek.
“I started at Disney almost 30 years ago, and today have the privilege of leading one of the world’s greatest, most dynamic companies, bringing joy to millions around the world. I am thrilled to work alongside the incredible storytellers, employees, and cast members who make magic every day.”
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