The new contract, which begins on July 1, 2022, runs until 2025.
Disney’s board of directors has unanimously voted to extend Bob Chapek’s contract as CEO for another three years.
Chapek’s contract was set to expire in February 2023, three years after he took over the reins from Bob Iger.
In a statement, Susan Arnold, Chairman of the Board, said: “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. 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. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.”
Bob Chapek added: “Leading this great company is the honour of a lifetime, and I am grateful to the Board for their support. 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. I am thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.”
Chapek has had a nearly 30-year career at Disney. He became the seventh CEO in Disney’s nearly 100-year history just weeks before the company’s theme parks and the majority of its content production was shut down due to Covid-19. Since then, he has set Disney on a course to lead the entertainment industry well into the company’s next century, with a keen focus on storytelling excellence, innovation, and audiences.
Prior to becoming CEO, Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s inception in 2018, and before that was Chairman of Disney Parks and Resorts since 2015. He also led Disney Consumer Products and served as president of Distribution for The Walt Disney Studios, and president of Walt Disney Studios Home Entertainment.
