The board of directors for the Walt Disney Company announced Tuesday that it had unanimously reached a new three-year deal to keep CEO Bob Chapek.
Chapek took the helm at Disney when he replaced Bob Iger one month before the COVID-19 pandemic changed everything for the company, according to a report.
The new deal will see Chapek remain in his role until it runs its course in 2025.
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Regarding his tenure, the board said Chapek “and his leadership team have the support and confidence of the Board.”
“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,” Susan Arnold, chairwoman of the board, said in a statement.
“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,” she added.
Chapek said he is honored by the board’s trust.
“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” he said.
“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,” he continued.
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Chapek has had a tumultuous 2022, which has seen Disney employees become enraged by the passage of Florida’s “Don’t Say Gay” bill and the Republican-led state moving to strip the company of its special tax district.
