Bob Chapek, Disney
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Disney has extended CEO Bob Chapek’s contract for three more years, the company announced Tuesday.
Chapek’s contract was set to expire in February 2023, three years after the unexpectedly took the reins from Bob Iger.
The timing of this transition came just weeks before the coronavirus pandemic forced different facets of the entertainment industry to shutter, including movie theaters and theme parks.
Without revenue from these divisions, Chapek rallied around the company’s fledgling streaming service Disney+. Already, the success of shows like “The Mandalorian” had made the platform popular with consumers, so Chapek held fast to the company’s goal of reaching 230 million to 260 million Disney+ subscribers by 2024.
As of the end of Disney’s fiscal second quarter, the service had more than 137.7 million subscribers.
But the road hasn’t been easy for Chapek. Most recently, the CEO made headlines for firing Peter Rice, its most senior television content executive. He received support from the board for this decision.
He was also at the center of a dispute between Disney and Florida Gov. Ron DeSantis over comments made about the state’s HB 1557 law, dubbed the “Don’t Say Gay” bill. The feud led DeSantis to rally Republican legislatures to repeal Disney’s Reedy Creek special district, which it has held for decades.
“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 Susan Arnold, chairman of the board, in a statement Tuesday. “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, 63, has worked for the Walt Disney Company for nearly 30 years and is its 7th CEO. Previously, he was the chairman of Disney’s parks, experiences and products division.
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