Photo: Small Screen
Bob Chapek will remain in his place.
According to the media and entertainment giant on Tuesday, Chapek’s CEO contract has been approved by Disney’s board of directors for an extension of another three years. The unanimous decision will extend his contract, starting July 1 until 2025.
The news is a shock because the company has executed several public slip ups since Chapek started his term in 2020 – considering that the giant is one of the largest and best media companies globally. It sparked questions around Hollywood if Disney would continue operations with Chapek when his contract comes to a conclusion next year.
Disney’s board ended all speculations on Tuesday.
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“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,” said Susan Arnold, Disney board chair, on 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 continued, “Bob is the right leader at the right time” for the giant, and the board has “full confidence in him and his leadership team.”
The 63-year-old CEO replied to the renewal of his contract, stating that helming 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.
Chapek is the seventh CEO of Disney, which has thrived for almost 100 years now, and is also the chairman of Disney’s parks, experiences, and products unit ahead of being promoted as CEO.
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