Jeff Gritsen MediaNews Team Subscribe to Orange County via Getty Images Disney has extended the contract of CEO Bob Chapek for three years, the company announced on Tuesday. Πεapek’s contract was due to expire in February of the following year, three years after he unexpectedly took over the reins from Bob Ίger. The board, which met in Florida on Tuesday, unanimously voted to extend Capek’s term until July 2025. “Disney has had a tough time with the pandemic, but with Bob at the helm, our business – from parks to streaming – has not only weathered the storm, but has come to power,” said Susan Arnold, chairman of the board. . in a statement on Tuesday. He added: “In this important period of growth and transformation, the Board of Directors is committed to keeping Disney on the path to success today, and Bob’s leadership is the 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.” Πεapek has experienced some of his difficulties during his short tenure so far. The share of Disney, which remained unchanged in overtime trading, fell about 38% this year since closing on Tuesday. Chapek was also at the center of a dispute between Disney and Florida Gov. Ron de Sandis over comments made about state law HB 1557, called the “Do Not Say Gay” bill. The controversy led DeSantis to rally Republican lawmakers to abolish Disney’s Reedy Creek area, which it had held for decades. Earlier this month, Chapek made headlines for the dismissal of Peter Rice, Disney’s senior television content executive. The council said at the time that Chapek had his full support. The timing of Disney’s move from Iger to Chapek came just weeks before the coronavirus pandemic forced various aspects of the entertainment industry to close, including movie theaters and theme parks. With no revenue from these divisions, Chapek rallied around Disney + ‘s newly established streaming service. The success of shows such as “The Mandalorian” made the platform popular with consumers, and Chapek consistently held the company’s goal of reaching 230 to 260 million Disney + subscribers by 2024. At the end of Disney’s second financial quarter, the service had more than 137.7 million subscribers. Chapek, 63, has worked for the Walt Disney Company for nearly 30 years and is its seventh CEO. Previously, he was the president of Disney’s parks, experiences and products division. CNBC’s Alex Sherman contributed to this report.
