Disney CEO Bob Chapek gets new three year contract

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

The news is notable not only because Disney is one of the biggest and best known media companies in the world, but also because the company has experienced some very public missteps since Chapek began his tenure in 2020. This led to some questions around Hollywood on whether Disney would stick with Chapek once his contact came to an end next year.

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.”

Chapek, 63, responded to the renewal saying that leading Disney is “the honor of a lifetime.”

“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,” Chapek said in a statement.

Chapek is the seventh CEO in Disney’s near-100-year history and served as the chairman of Disney’s parks, experiences and products unit before taking over as CEO.

Chapek’s turbulent and transformational tenure

The pandemic disrupted the global economy and Hollywood, but Disney — because of its reliance on in-person experiences — was hit particularly hard. The company watched as the global health crisis caused its theme parks around the world to close and its blockbuster film slate get delayed.

Yet, the company and Chapek had a lifeboat thanks to Disney+.

However, Chapek found himself grappling with issues as CEO other than the pandemic.

Chapek had spoken out about — but did not directly condemn — the controversial “Parental Rights in Education” bill, which would ban the state’s educators from discussions about sexual orientation and gender identity in classrooms.

These missteps and Disney’s stock slide so far this year led to talk about Chapek’s future with the company. Now, however, Disney’s future includes Chapek at the helm until at least 2025.