UPDATE June 30 – Disney confirmed in a press release yesterday that the “Walt Disney Company Board of Directors unanimously voted to extend Bob Chapek’s contract as Chief Executive Officer for three years.”
Chairman of the Board, Susan Arnold said in the 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.”
The news that Chapek is to continue as CEO of the Walt Disney Company is undoubtedly going to cause unrest amongst Disney fans at a very turbulent time but this is the decision that has been made.
The statement goes on to say, “Chapek’s career at Disney spans nearly 30 years. He became the seventh CEO in the Company’s nearly 100-year history just weeks before the company’s theme parks and the majority of its content production was shut down due to COVID-19. Since then, he has set Disney on a course to lead the entertainment industry well into the company’s next century, with a keen focus on storytelling excellence, innovation, and audiences.”
June 11 – It is no secret that many Disney fans are not fans of the current CEO, Bob Chapek and there has been a lot of controversy over many decisions that Chapek has made regarding the Walt Disney Company since he took the reins in February 2020.
On June 9, the Walt Disney Company named Dana Walden as Chairman of Disney General Entertainment Content after the firing of Peter Rice. This has led many people to speculate about the reasoning behind this decision.
Chapek’s contract is currently set to expire at the end of February 2023 with no extension confirmed as of yet which had led people to question his future with the Walt Disney Company.
However, according to the New York Times, Susan Arnold, Chairwoman of Disney’s Board, confirmed that Chapek has the “support and confidence” of the Board. A report published on Business Insider said that it is “likely” that CEO Bob Chapek will have his contract extended. We will have to wait and see if this decision is made and how long for in the upcoming two meetings which are planned for June and September.
For some the news of a possible extension to Chapek’s contract will not be welcome. We will keep you updated on further announcements on our news and Facebook page.
