According to a statement released by Disney, the board unanimously decided to renew CEO Bob Chapek’s term for three more years. His contract was supposed to end in February 2023. The new three-year pact will start on Friday, 1 July, despite a turbulent tenure that began at the height of Covid-19.
Chapek has a stellar record with Disney in addition to working there for close to three decades, he was the one to assume the CEO role as soon as board favourite Bob Iger abruptly resigned in early 2020. The Coronavirus pandemic struck just one month after the change, making the situation worse, and Chapek guided the business through one of the worst crises in history.
In a formal statement, board member Susan Arnold lauded Chapek’s management throughout the Covid-19 years and said it was a no-brainer to extend his contract. She 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. 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.”
Chapek celebrated this decision by saying, “Leading this great company is the honour of a lifetime, and I am grateful to the board for their support. 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.”