Disney Unanimously Votes to Extend CEO Bob Chapek's Contract

Disney just made a big move regarding the current CEO.

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According to CNBC, Disney has just voted to extend CEO Bob Chapek’s contract by three years. This comes after a meeting today where the company discussed the company and operations.

“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, chairman of the board said in a statement today. “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.”

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For almost four decades, only two CEOs served The Walt Disney Company, being Michael Eisner from 1984 to 2005 and Bob Iger from 2005 to 2020. Now with two years on the job under his belt, Bob Chapek is facing a crisis that has the potential to rival or even topple the issues Eisner faced throughout the 80s and ’90s at the company.

All of the CEOs have had an effect on the Disneyland Resort as well as Magic Kingdom, EPCOT, Hollywood Studios, and Animal Kingdom in Walt Disney World, not to mention all of the international Resorts as well. Each executive has left their mark, good or bad, on the Parks in various ways and only time will tell how much more change we will see.

While the Disney Park community has been skeptical of Bob Chapek since the get-go, with new additions like Genie+ not helping, his takeover couldn’t have come at a worse time. Taking the reigns from former CEO Bob Iger in early 2020, folks could’ve settled and given Chapek the benefit of the doubt, after all, running one of the largest corporations in the entire world with a pandemic breaking out is no easy task.

Since taking over, Chapek has overseen a lot of major projects at the Disney Parks as well as the Walt Disney Company. Disney’s streaming service, Disney+, has been a big hit. Disney’s Galactic Starcruiser at Hollywood Studios in Orlando has also been a big hit with certain Guests despite the initial negative reception.

In the past few months however, The Walt Disney Company has seen record lows on the stock market, indicating that the pandemic and/or the multiple controversies have affected the company and consumers. Chapek also recently fired Peter Rice, a top executive from the company in a move that shocked the company and media at large.

Despite all of this, Disney Chairman Susan Arnold claimed that Chapek had the board’s backing earlier this month, complimenting his “leadership and vision for the company’s future.”

We will continue to update this story as it is breaking news.