Jun 29, 2022 - Economy

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

Erin Doherty

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

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