Disney CEO Bob Chapek’s contract prolonged for 3 years

Walt Disney boss Bob Chapek will stay in control of the beleaguered Mouse Home after the board unanimously voted to offer him a three-year contract extension Tuesday.

Chapek had succeeded Robert Iger in February 2020, simply months earlier than the pandemic pressured the corporate to shutter its theme parks.

He was shortly embroiled in controversy over Disney’s botched response to Florida’s “Do not Say Homosexual” invoice and the shocking ouster of Disney TV content material chief Peter Rice.

However Tuesday’s resolution — which extends Chapek’s contract to 2025 — served to squelch rumors Iger could return anytime quickly.

“Disney was dealt a tricky hand by the pandemic, but with Bob on the helm, our companies — from parks to streaming — not solely weathered the storm, however emerged ready of energy,” Disney chairwoman Susan Arnold mentioned.

“On this essential time of development and transformation, the Board is dedicated to maintaining Disney on the profitable path it’s on in the present day, and Bob’s management is essential to attaining that purpose. Bob is the precise chief on the proper time for The Walt Disney Firm, and the Board has full confidence in him and his management staff.”

The board’s vote of confidence in Chapek comes simply weeks after he fired Rice and put in Dana Walden. Insiders perceived the dismissal as an influence transfer provided that Rice was seen a possible menace to Chapek’s job.

“Main this nice firm is the dignity of a lifetime, and I’m grateful to the Board for his or her help,” Chapek mentioned in an announcement. “I began at Disney virtually 30 years in the past, and in the present day have the privilege of main one of many world’s biggest, most dynamic corporations, bringing pleasure to tens of millions around the globe. I’m thrilled to work alongside the unbelievable storytellers, workers, and forged members who make magic daily.”

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Written by trendingatoz

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