Jun 29, 2022 - Economy & Business

Disney renews CEO Bob Chapek's contract for another three years

Bob Chapek attends the 94th Annual Academy Awards at Hollywood and Highland on March 27, 2022.
Bob Chapek attends the 94th Annual Academy Awards at Hollywood and Highland on March 27. Photo: David Livingston/Getty Images

Disney's board voted unanimously to extend CEO Bob Chapek's contract for three more years despite a tumultuous tenure, the company announced Tuesday.

Driving the news: Chapek's contract was set to expire in February of next year, three years after he took the company over from Bob Iger, per CNBC.

  • "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," chair of the board Susan Arnold said in a statement.

The big picture: Disney and Chapek earlier this this year became embroiled in a firestorm over Disney's opposition to a new Florida law barring instruction on gender identity and sexual orientation for K–3rd graders.

  • Chapek was initially criticized for not speaking out about Florida's so-called "Don't Say Gay" bill.

What he's saying: "Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support," Chapek said in a statement.

Go deeper... Disney's political drama

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