Disney Extends Chapek's Deal as CEO

June 28, 2022, 4:44 PM · Bob Chapek will serve at least another three years as the Chief Executive Officer of The Walt Disney Company, Disney announced today.

Chapek's contract as Disney CEO reportedly was up early next year, but Disney's Board of Directors has voted unanimously to extend that contract for another three years.

"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 Chairman Susan Arnold said in a statement release by the company. "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."

Bob Chapek and Mickey Mouse
Chapek with his boss. Photo courtesy Disney

Before replacing Bob Iger as Disney's CEO, Chapek headed Disney's theme park division from 2015 to 2020 - just in time for the pandemic to close the company's theme parks and shut down production on its countless film and television sets. Yet Disney benefitted from Iger's pivot to streaming services just as demand for in-home entertainment surged, buying the company time to adjust to lockdowns without having to amass the debt that others in the theme park industry took on to survive.

Now, as parks have reopened, fans have complained about upcharges, reservation requirements, and a slow return of many attractions and enhancements. But park revenue is soaring and profits are near all-time highs, making Chapek and his management team popular among many investors.

Chapek recently sacked Disney television executive Peter Rice, who had been tapped by some as a potential replacement as Disney CEO. Some theme park fans have shipped current Disney Parks Chairman Josh D'Amaro for the CEO gig, too. But with Disney making money the way it is today, there was little doubt that the board would extend Chapek - only when it would do so, and for how long.

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Replies (11)

June 28, 2022 at 7:10 PM

Some perspective: Three years from now (2025) Bob Chapek will be 66. Robert Iger retired at 69. Michael Eisner retired at 63.

June 28, 2022 at 5:59 PM

Congrats to Mr. Chapek! May he continue to elevate Disney to new heights!

(I just like being a contrarian)

June 28, 2022 at 7:24 PM

Sacrificing long term stability for short term gains. Not one major new attraction in the planning stages right now….there isn’t a “Frozen” caliber franchise to capitalize on (Disney is missing the window on Encanto). Only think Disney has going for them is streaming (and that was started under Iger.)

June 28, 2022 at 9:14 PM

This is a fundamental problem with our capitalist system: Wall Street values revenues and growth above all else. So sure, Chapek managed to squeeze extra money out of Disney's theme park guests, but the cost was alienating a huge percentage of them in process. Walt put families above all else; Chapek would gladly push your kids down a flight of steps if he could make $50 off of it.

Disney's board is comprised of millionaires who would rely on a VIP escort if they ever attended the parks, they know nothing of being made to wait longer so richie rich can swan past you in the ILL line. They wouldn't have to wait 30 minutes to remote-order a coke, they'd have their beverages served by a waiter at B33. They don't reads sites like this one, and have no idea of the groundswell of anger Chapek has caused and continues to foment. I'm sure if I complained to the Disney board about mobile ordering, they'd invite me to eat cake.

Life in America means the rich always win, everyone else always loses. And now us plebes can watch as the millionaire class ruins one of our most beloved cultural institutions. A pox on the board and their hateful CEO, I wish them nothing but ill will.

June 29, 2022 at 4:13 AM

thecolonel's post makes me want to break out my old Clash LPs.

June 29, 2022 at 10:16 AM

COVOD was Disney’s saving grace. Once everyone takes the Disney vacations that they promised each other during the pandemic, and the streaming platform reaches Netflix saturation, well… I don’t see what they have been doing to maintain repeat customers.

June 29, 2022 at 12:08 PM

The death of Disney is greatly over-exaggerated on this site and Disney fan sites. Their parks are still crowded every day and sell out regularly, are making more money than ever, and TBH I think the experience is much better with the reservation system because before the reservation system MK and DL were way too crowded on a regular basis to enjoy. It wouldn't surprise me at all if Disney's internal surveys from their customers are actually higher now than they were before because of this. While Fastpass is now an upcharge (full disclosure I have always hated FP since it was first introduced) and it's a total cash grab, this has been the industry norm for 15+ years and I think most people that visit always expected it to be an upcharge anyway.

Reading these fan sites you would think the sky is falling but the reality of the situation that Flight of Passage, Rise of the Resistance, Guardians of the Galaxy etc are all getting really good reviews and people will continue to want to go regardless of how much it costs. And even if people all of a sudden started hating Disney and there was a mass boycott or something they could easily course correct and turn that around quickly because they are Disney and people will easily forgive and go right back when they feel they are listened to.

June 29, 2022 at 12:08 PM

I’d like to think that Bob Chapek sits around and reads talkbacks over a bubbling cauldron full of dusty E-tickets, Passholder magnets and Eye of Newt while cackling like the Queen from Snow White. I’d be honestly disappointed with anything else.

June 29, 2022 at 12:29 PM

Come now - Disney stock has an over 40% drop for the last year, where the company I work for only lost 15%. I am a conservative, and could care less about Disney's " woke politics' or any other woke policies" the company may be (or not) pushing. It's showing up in the Stock Value people! I will still allow myself to be entertained by Disney, just a more constrained amount.

If the stock trend continues, Bob C. will not last another year

June 29, 2022 at 3:33 PM

In chapek 's case, stock value it's not an issue, Day to Day profits ( the bottom line ) it's his bigest bonus rigth now. The big investors ( the so called board) are not concern about stock prices. Why? Number one, wall street is not an economic indicator, its a self financing system, and Disney does have revenue from a LOT of sources ( even the trip around the World to Disney parks have sold out ). The People on the board are among the richest in the World, one stock in their portfolio Barely takes notice. And they can profit by rebuying their own stock at a lower price, and have an even greater grip on the company. As Long as the profit comes in, costumer level satisfaction be dammed . Bob is not going to pander to a casual o even a Long time fan Who spend a measly ( in the corporate eye ) few thousands dollars in a couple days.

June 30, 2022 at 6:37 AM

all bets are off...i remember thinking as soon as the parks crossed the $100 admission threshold, they would shoot themselves in the foot and theme park goers would be goners. the exact opposite has happened and as long as the big guys keep giving us attractions like hagrid's and guardians, people will come, and in droves. i both love/hate the reservation system and as far as genie+, i've wondered what took them so long when universal started charging for express nearly 20 years ago and has made a tidy little profit to keep building $100MM+ attractions. covid has also played a major role in attendance whackiness so only once we do finally level off and return to "normal", will we see where things are going to lie, chapek or not.

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