On the Site:


Disney CEO Bob Chapek gets new three year contract

Jun 28, 2022, 6:18 PM

Disney's board of directors unanimously voted to extend Chapek's contract as CEO for another three ...

Disney's board of directors unanimously voted to extend Chapek's contract as CEO for another three years, the company said June 28. His new contract begins July 1 and runs until 2025. (Patrick T. Fallon/Bloomberg/Getty Images via CNN)

(Patrick T. Fallon/Bloomberg/Getty Images via CNN)

(CNN) — Bob Chapek isn’t going anywhere.

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.

Disney’s board removed all doubt on Tuesday.

“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 board chair Susan Arnold said in a statement Tuesday. “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.”

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

Chapek took over Disney in February of 2020 following then-CEO Bob Iger stepping down. If following the legendary run of Iger wasn’t enough of a challenge, Chapek took the reins at the beginning of the coronavirus pandemic.

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+.

Subscriptions for the company’s new streaming service skyrocketed during the pandemic, which propelled it to the status of a major player in the streaming marketplace with 137.7 million subscribers worldwide.

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

The company found itself battling one of its stars when Scarlett Johansson sued Disney alleging that the company breached her contract by releasing the highly anticipated Marvel superhero film “Black Widow” on its streaming service, Disney+, instead of in theaters. The lawsuit was eventually resolved.

More notably, Chapek and Disney found itself in the middle of a political firestorm in March over the company’s response to Florida’s controversial bill dubbed “Don’t Say Gay.”

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.

Disney employs 75,000 people in Florida, and the company and Chapek saw backlash from employees, which led to walkouts. Chapek apologized for the company’s tepid response to the bill, opening the door to a showdown between Florida Gov. Ron DeSantis and the company.

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.

The-CNN-Wire™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

KSL 5 TV Live


A Logan musician who had a traumatic brain injury and lost the ability and drive to make music is t...

Peter Rosen

Musician returning to stage following a traumatic brain injury

A Logan musician who had a traumatic brain injury and lost the ability and drive to make music is taking the stage again, thanks, in part, to his bandmates.

3 days ago

Taylor Swift performs onstage during "Taylor Swift | The Eras Tour."
Mandatory Credit:	Buda Mendes/...

Marianne Garvey, CNN

Taylor Swift will celebrate her birthday by sending her ‘Eras Tour’ to streaming

 Are you ready for it? Taylor Swift has announced that her “Taylor Swift: The Eras Tour concert film” will be available to rent or buy on streaming services.

3 days ago

The beloved Christmas production, “The Forgotten Carols” returns for its 32nd season and back o...

Carole Mikita

Michael McLean returns for 32nd season of ‘The Forgotten Carols’

The beloved Christmas production, “The Forgotten Carols” returns for its 32nd season and back on stage this year is creator, Michael McLean.

4 days ago

Wolfgang Van Halen returns to Salt Lake City on Wednesday with his band, Mammoth WVH. (Andraia Alls...

Pat Reavy, KSL.com

‘Utah is like a hometown show’: Wolfgang Van Halen has strong ties to Beehive State

And while Wolfgang Van Halen has his roots in Southern California, there's no doubt that the son of iconic guitarist Eddie Van Halen and actress Valerie Bertinelli, knows Utah.

4 days ago

Rakim Mayers, aka A$AP Rocky, drinks water during a preliminary hearing at the Clara Shortridge Fol...

Andrew Dalton, AP Entertainment Writer

A$AP Rocky must stand trial on charges he fired gun at former friend, judge rules

A Los Angeles judge says there is enough evidence for A$AP Rocky to stand trial on charges that he fired a gun at a former friend and collaborator outside a Hollywood hotel in 2021.

10 days ago

Taylor Swift announced that her concert scheduled for Saturday in Rio de Janeiro, Brazil has been p...

Paradise Afshar, CNN

Taylor Swift mourns fan who died before concert in Brazil, changes date of concert

A Taylor Swift fan died Friday night before an “Eras Tour” show in Rio de Janeiro, Brazil, the singer said on Instagram Stories.

10 days ago

Sponsored Articles

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Design mockup half in white and half in color of luxury house interior with open plan living room a...

Lighting Design

Lighting Design 101: Learn the Basics

These lighting design basics will help you when designing your home, so you can meet both practical and aesthetic needs.

an antler with large horns int he wilderness...

Three Bear Lodge

Yellowstone in the Fall: A Wildlife Spectacle Worth Witnessing

While most people travel to this park in the summer, late fall in Yellowstone provides a wealth of highlights to make a memorable experience.

a diverse group of students raising their hands in a classroom...

Little Orchard Preschool

6 Benefits of Preschool for Kids

Some of the benefits of preschool for kids include developing independence, curiosity, and learning more about the world.

Disney CEO Bob Chapek gets new three year contract