Bob Chapek, Disney
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Disney has prolonged CEO Bob Chapek’s contract for 3 years, the corporate introduced Tuesday.
Chapek’s contract used to be set to run out in February subsequent 12 months, 3 years after he impulsively took the reins from Bob Iger. The board, which met Tuesday in Florida, voted unanimously to increase Chapek’s tenure to July 2025.
“Disney used to be dealt a difficult hand by means of the pandemic, but with Bob on the helm, our companies — from parks to streaming — now not simplest weathered the typhoon, however emerged ready of power,” mentioned Susan Arnold, chairman of the board, in a commentary Tuesday.
She added: “On this necessary time of expansion and transformation, the Board is dedicated to retaining Disney at the a hit trail it’s on as of late, and Bob’s management is essential to attaining that purpose. Bob is the best chief on the proper time for The Walt Disney Corporate, and the Board has complete self belief in him and his management group.”
Chapek has skilled his percentage of difficulties all the way through his so-far temporary tenure. Disney’s inventory, which used to be unchanged in after-hours buying and selling, is down about 38% this 12 months as of Tuesday’s shut.
Chapek used to be additionally on the middle of a dispute between Disney and Florida Gov. Ron DeSantis over feedback made concerning the state’s HB 1557 legislation, dubbed the “Do not Say Homosexual” invoice. The feud led DeSantis to rally Republican legislators to repeal Disney’s Reedy Creek particular district, which it has held for many years.
Previous this month, Chapek made headlines for firing Peter Rice, Disney’s maximum senior tv content material govt. The board mentioned on the time that Chapek had its complete reinforce.
The timing of Disney’s transition from Iger to Chapek got here simply weeks sooner than the coronavirus pandemic pressured other aspects of the leisure business to shutter, together with film theaters and theme parks.
With out income from those divisions, Chapek rallied across the corporate’s fledgling streaming carrier Disney+. Good fortune of presentations like “The Mandalorian” had made the platform well liked by shoppers, and Chapek held rapid to the corporate’s purpose of achieving 230 million to 260 million Disney+ subscribers by means of 2024.
As of the top of Disney’s fiscal 2d quarter, the carrier had greater than 137.7 million subscribers.
Chapek, 63, has labored for the Walt Disney Corporate for almost 30 years and is its 7th CEO. Prior to now, he used to be the chairman of Disney’s parks, reports and merchandise department.
CNBC’s Alex Sherman contributed to this document.
