Walt Disney’s board voted unanimously to extend Bob Chapek’s contract as chief executive for three years, calling him the “right leader at the right time” for the company.
The board’s move should end months of speculation about whether Chapek’s contract would be renewed. He has faced tough criticism this year from both Disney’s LGBTQ employees and Republican politicians over his handling of a Florida law that critics have dubbed “Don’t Say Gay”.
In a statement Tuesday, the board praised Chapek’s performance since he took over from Bob Iger in 2020. Chapek, 63, has steered Disney through the worst of the pandemic, which forced the closure of movie theatres and the company’s theme parks. The Disney Plus streaming service has also grown rapidly during his tenure.
“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.
The board’s decision to renew Chapek’s contract comes just weeks after it issued a rare statement of support for the chief after he sacked Peter Rice, the company’s top TV executive.
Some in Hollywood regarded Rice’s dismissal as an effort to eliminate an eventual contender for Chapek’s job. The three-year contract begins July 1 and lasts until 2025.
