How Disney Board Backed Bob Chapek As CEO & Renewed A Long-Term Contract

The board of directors of The Walt Disney Company has stated that, in the wake of the announcement that CEO Peter Rice would be leaving the organisation and Dana Walden would succeed him as chairman of Disney general entertainment programming, they fully support CEO Bob Chapek and his management team.

In a statement from Disney board chair Susan Arnold, the board stated that “we are dedicated to maintaining Disney on the successful path it is currently on” during “this vital moment of business development and transformation.”

The statement continued, “Bob’s leadership and vision for the company’s future is a testament to the strength of The Walt Disney Company’s businesses emerging from the pandemic. We are dedicated to maintaining Disney’s current successful course, and the Board has full faith and trust in Bob and his leadership team throughout this critical period of business growth and development.

The board’s decision to support Chapek comes as the board has the opportunity to negotiate a new contract because Chapek’s current agreement expires in around nine months.

In the event that Chapek and the business could not agree on a new contract, Rice was viewed as a potential internal successor, and several business insiders told The Hollywood Reporter that Rice wanted to succeed Chapek as CEO.

A month before the coronavirus pandemic essentially shut down Disney’s theme parks, film and television productions, and cruise ships, Chapek was chosen CEO of Disney. Bob Iger, who was well-liked and served as executive chairman until the end of the previous year, was followed by Chapek.

Although Chapek assisted in leading the business out of the epidemic (as the board mentioned in its statement), there have also been some difficult times throughout his tenure. The company most recently found itself in the middle of a controversy over Florida’s infamous “Don’t Say Gay” law earlier this year, with Disney employees upset over the company’s inaction and Republican legislators retaliating after the company finally voiced its opposition to the bill by repealing its special tax district.

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