Disney CEO Bob Chapek Has Contract Renewed

Walt Disney (DIS) chief executive officer (CEO) Bob Chapek’s contract has been renewed for
another three years by the company’s board of directors.

Chapek’s current contract was to expire in February 2023, three years after he succeeded Bob
Iger as the head of the entertainment giant. The company’s board said they voted unanimously
to extend Chapek’s tenure as CEO through July 2025.

Bob Chapek, 63, has worked for Walt Disney for nearly 30 years and is its seventh CEO. He
was previously the chairman of Disney’s parks, experiences, and products division.

Chapek has experienced multiple challenges during his time as Disney’s top executive. The
company’s stock has fallen nearly 40% this year amid the broader market downturn and
currently trades at $95.92 U.S. per share.

Chapek was also at the center of a dispute between Disney and Florida Governor Ron DeSantis
over that state’s same sex education legislation. The feud led DeSantis to repeal the tax status
of Disney World, which is located near Orlando, Florida.

Chapek assumed the top role at Disney just weeks before the COVID-19 pandemic forced
movie theatres and the company’s theme parks to close or operate at reduced capacity, hurting
earnings.

Chapek pivoted during the pandemic to the Disney+ streaming service. Success of shows like
“The Mandalorian” made the platform popular with consumers, and it currently has about 140
million subscribers.

Chapek maintains a goal of reaching 260 million Disney+ subscribers by 2024.