Disney CEO Bob Chapek Gets Contract Extension

Disney’s board of directors unanimously voted to extend Chapek’s contract as CEO for another three years. His new contract begins July 1 and runs until 2025.

Chapek was controversially promoted to replace outgoing CEO Bob Iger in February of 2020. Prior to becoming CEO, Chapek put in time as head of Disney Parks, Experiences and Products; head of Disney Consumer Products; and served as president of distribution for Walt Disney Studios as well as president of Walt Disney Studios Home Entertainment. His appointment as Iger’s replacement came as a surprise at the time, as he was not on many outsiders’ radars and Iger still had two years left on his contract. It has since been rumored by insiders that Iger picked Chapek as his replacement because he saw in Chapek a less charismatic peer that would not threaten his own legacy.

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. It is “the honor of a lifetime.”

“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,” Disney board chair Susan Arnold said in a statement on June 28. “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.”

Arnold added that “Bob is the right leader at the right time” for the company and the board has “full confidence in him and his leadership team.”