LOS ANGELES (Reuters) – Walt Disney Co said on Tuesday that its board of directors agreed to extend Chief Executive Officer Bob Chapek’s contract for three years, a major vote of confidence in his leadership following recent controversies.
Chapek became Disney’s CEO in February 2020, succeeding Bob Iger just months before the pandemic disrupted the company’s businesses from theme parks to movies and live sports.
“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,” board chair Susan Arnold said in a statement.
“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,” Arnold added.
The entertainment conglomerate has holdings including media networks, consumer products and theme parks including the Walt Disney World Resort in Orlando, Florida.
In recent months, some analysts had wondered whether Chapek’s position was at risk when he upset employees by initially refusing to condemn a bill in Florida that limited LGBTQ discussion in schools.
When the company eventually spoke out against the measure, Florida lawmakers stripped Disney of its self-governing status for Walt Disney World in Orlando.
(Reporting by Lisa Richwine in Los Angeles and Shariq Khan in Bengaluru; Editing by Shounak Dasgupta and Matthew Lewis)
