The Walt Disney Co. Board of Directors on Tuesday unanimously voted to extend CEO Bob Chapek’s contract for three years, signaling full confidence in the executive despite controversies.
The board cited Chapek’s leadership in guiding the company through the height of the Covid-19 pandemic, when Disney had to close theme parks and saw its movie business disrupted with the majority of its content production shut down. Chapek, a nearly 30-year veteran at Disney, took over as CEO in late February 2020 weeks before pandemic-related disruptions began, as he replaced long-time Disney chief Bob Iger.
In recent months questions had been raised by some in the industry about his position in the company after Chapek didn’t condemn a Florida bill prohibiting LGBTQ discussion in schools. Reuters noted that once Disney eventually spoke out against the measure, Florida lawmakers revoked Disney of its self-governing status for Walt Disney World in Orlando, though the law that hasn’t yet taken effect.
Chapek also made a surprise move ousting of Disney TV content exec Peter Rice earlier this month.
In a statement the board reiterated that it has full confidence in backing Chapek.
“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. “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.”
Disney has been focused on growing its streaming businesses and during its fiscal second quarter of 2022 brought in 7.9 million Disney+ subscribers, pushing the company’s total direct-to-consumer count to more than 205 million across streaming platforms. Total Disney+ subscribers stood at 137.7 million.
Before taking the helm as the seventh CEO in Disney’s history, Chapek was chairman of Disney Parks, Experience and Products.
“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” Chapek said in a statement. “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."