Disney board renews CEO Bob Chapek’s term for an additional three years

Disney board renews CEO Bob Chapek’s term for an additional three years

Disney board renews CEO Bob Chapek’s term for an additional three years

BOB CHAPEK CHIEF EXECUTIVE OFFICER, THE WALT DISNEY COMPANY

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  • Disney Plus’s streaming business has also risen fast during his tenure.
  • The duration of the three-year contract is from July 1 through 2025.
  • Some in Hollywood viewed Rice’s departure as an attempt to eliminate a potential candidate for the position.
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The Walt Disney Company’s board unanimously opted to extend Bob Chapek’s term as chief executive by three years, describing him as “the right leader at the right time”

The board’s action should end months of conjecture regarding Chapek’s contract renewal. This year, both Disney’s LGBTQ employees and Republican legislators have harshly criticised his handling of a Florida statute that detractors have called “Don’t Say, Gay.”

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Tuesday, the board issued a statement praising Chapek’s work since he succeeded Bob Iger in 2020. Chapek, 63, has led Disney through the worst of the pandemic, which prompted the company’s movie theatres and theme parks to close. During his tenure, the Disney Plus streaming business has also risen fast.

“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,” Susan Arnold, Disney’s chair, said in a statement.

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The board’s decision to renew Chapek’s contract comes only weeks after it delivered an unusual statement of support for the CEO after he fired the company’s top TV executive, Peter Rice.

Some in Hollywood viewed Rice’s departure as an attempt to eliminate a potential candidate for the Chapek position. The duration of the three-year contract is from July 1 through 2025.

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