When Bob Iger stepped down and Bob Chapek took his place as the CEO of The Walt Disney Company, it was early 2020, just a few weeks before the COVID-19 pandemic shut down the Disney theme parks and movie theaters, among other major elements that makes the Mouse House go round. After over two years leading Disney, the board of the company has voted to extend Chapek’s contract for another three years. Yeah, he’s not going anywhere anytime soon.
During a Disney board meeting on Tuesday, its members voted unanimously to keep Bob Chapek in the Disney CEO seat until July 2025, per CNBC. His contract was initially up for expiration for February 2023 ahead of the decision being made.
At 63 years old, Bob Chapek remains as the seventh CEO for the House of Mouse after working for the company for nearly 30 years, previously as the chairman of Disney Parks, in the experiences and products division. Disney’s chairman of the board, Susan Arnold, who was appointed in late 2021, said this of the decision:
Bob Chapek has been CEO as Disney made a huge use of its streaming service Disney+, which has quickly grown to become among the strongest streaming platforms. Disney+ is reportedly the second most subscribed streaming site, behind Netflix, and it could reportedly surpass Netflix’s numbers in a few years. Disney+ has become a new home for franchises like Marvel, Star Wars, Pixar and Disney Animation to expand the stories of beloved characters, or introduce new ones.
To ease the transition of power, Bob Iger remained as the company’s chairman for nearly two years. According to a report that surfaced earlier this year, Iger and Chapek reportedly had “tension” that was palpable, to the point that they barely talked to each other during that time.
During Chapek’s time as CEO, it has been a difficult time to hold the position. Amidst Disney Parks being closed for a prolonged period, Chapek introduced a new Annual Pass Program and a fastpass program called Genie+, the latter which has been heavily criticized. Additionally, Chapek was recently under hot water for his initial response to the “Don’t Say Gay” bill in Florida.
As Chapek remains the CEO of The Walt Disney Company for the foreseeable future, we’ll keep you updated with everything Disney, including the upcoming attractions for Walt Disney World, here on CinemaBlend.