Big decisions have been made regarding Disney’s current Chief Executive Officer (CEO).
Disney CEO Bob Chapek in Disney World on its 50th Anniversary
Bob Chapek has been Disney’s CEO since early 2020. Chapek’s name has been at the center of a lot of news lately, from the situation with Florida’s Parental Rights in Education Bill (what critics call the “Don’t Say Gay” bill), to the firing of a top executive, and more. We previously shared that the contract for Bob Chapek, Disney’s CEO, was likely to be renewed, and now we’ve got an update.
According to a Disney press release, shared via Business Wire, the Board of Directors of the Walt Disney Company has voted unanimously to extend Bob Chapek’s contract as CEO. That extension will be for another 3 years.
Susan Arnold, the current Chairman of the Board (who took over after Bob Iger’s departure from Disney) shared that Disney was “dealt a tough hand by the pandemic,” but with Chapek at the helm, Disney’s businesses have “not only weathered the storm, but emerged in a position of strength.”
©Disney
Arnold went on to say that 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.”
Chapek shared that he is “grateful to the Board for their support.” Chapek noted that he started working at Disney nearly 30 years ago, and said that he is “thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.”
©Bloomberg
Again, this extension comes as no big surprise. As we previously shared, sources had indicated that it was likely that the Board would renew Chapek’s contract as CEO. His existing contract was set to end in February of 2023. In early June of 2022, when Chapek fired Disney’s most senior television content executive (Peter Rice), the Board issued a statement indicating Chapek had their support and confidence. This led higher-ups to believe his contract would be renewed.
We will continue to look for more updates on this situation and let you know what we find.
To see what Chapek has had to say recently about the Park Pass reservation system Disney has been using, click here. And click here to see his comments on the metaverse. Wondering why prices are increasing in the parks? Chapek has commented on that too — click here to see what he has to say.
©Disney
Want to hear even more about Chapek? Click here to see what Chapek’s salary was like in 2021, and learn about why he more than doubled his salary.
As always, stay tuned for more Disney news.
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Icebergs? Not my problem!
INSANE!!! Under Bob we have 1) Lost Reedy Creek, 2) Lost being on the Top 10 best parks to visit in the USA 3) Lost market shares 4) Angered more Disney fans 5) Lost free rides to/from airport 6) Lost quality maintenance (rides are breaking down more than ever) 7) Insane price increases 8) Lower quality food 9) Less portions of food 10) Lost Disney magic touches in resorts (taking down all the themes). I think Bob and the rest of the Board are secretly on Universal’s payroll and are out to ruin EVERYTHING we love about Disney!
I can’t believe this, he’s done such a terrible job
Chapek made $32.5 million dollars last year. Think about that a minute. Do you really think he understands the finances of the average Disney family?
He’s been rewarded for driving the company stock into the ground and creating a huge amount of ill will. The board should be voted out.
Universal here I come.
Will not visit the parks until this so called “leader” is gone.
Just like the Supreme Court, the Board of Directors at Disney are not listening to the will of the people. They are looking more at their bottom line looking for more cash and ways to get it. Bob “Paycheck” is making them money regardless of the state of satisfaction of their customers. Daily we hear from guests at Disney Parks stating their finding bad customer service, rude cast members, broken down rides, long lines for rides and food, low quality food and merchandise and etc. Hire more and better personnel, pay them a living wage and take care of the park’s facilities. Hey Bob, I know that you don’t read these comments but, take a cut in pay to take care of the workers and facilities.
Of course his contract was extended: Chapek and Greed, perfect together!!
Wow! I have no words ! Just sadness
Kind of feels like when a Politician you dislike and didn’t vote for is elected or reelected (whatever side your on). You just have to deal with it and hope he or she will be voted out and replaced when their term ends.
Hopefully Bob won’t get his contract extended next time around or he is terminated before it ends.
Horrible decision.
If Disney thinks this is a great choice then my family is done with Disney.
Huge mistake. Everyone say good bye to Disney Magic. We will never see it again.
So, more of the same. Lets all be happy about paying more for less at WDW!
I would like any of these top people to try to plan and execute a five day Disney World vacation for a family of four. They can have the help of a travel agent, but must be the ones to stay up until midnight to buy Genie+ and then be up at 7 to book the ride passes while simultaneously getting the other three people ready to be at the park at 8 for a 8:30 half hour early opening. Maybe if they felt the impact of their choices, they’d make better ones.
I wonder what he’s bought them off with? It certainly isn’t the health of their stocks…the value is down by more than half. It certainly isn’t confidence in the parks…many long-time passholders are complaining daily. This was a monumental mistake.
Reguarding this SAD NEWS I will be cancelling my 2 week planned trip to Disney for 2023.
That’s a shame. But, not surprising. Everything with Disney these days is about the almighty dollar. Wish Disney would stay out of politics and focus on the magic Walt intended.
RIP Disney, This man has been killing the brand from the start of his tenure. Now you are going to assure he has time to finish it.
The board may have voted but the shareholders were not given a chance. This is a big mistake since Disney has gone downhill under his watch. What in the devil are the Board members smoking? We have not even gotten a shareholder dividend check since Chapek’s regime yet prices keep going up while shares keep falling. Please do let me know what Chapek has done for Disney that is positive.
SMH. Came out in a strong financial position? The “Travel Desperate Folks” season will come to a halt soon and inflation will hit the industry HARD.
That’s too bad. He’s destroying Disney as we knew it.
What a pity Chapek has been voted to stay, watch out WDW he’s already made it really expensive doing away with fast passes and having to pay for them with Genie. With him in charge more increases and less for your money.
The magic is dying at an alarming rate.
Remember the scene in that Disney movie The Santa Claus when Martin Short took over the North Pole and turned it into a total cash grab? At the time, I thought I was just watching a movie, not taking part in a failed Focus Group looking at Disney’s future business model.
I just got back from 8 days in Disney world. I paid the money for genie plus and the ILL to watch them move my plans around to their convenience, and change the time I selected between screens to accommodate them. The decision has apparently been made that all that matters is max profits. I can’t imagine at any time Walt saying the words “I want to build a theme park and make as much money as possible anyway possible, shameless or not”. What they are doing is not masked or veiled in any way. It’s open, shameless greed and the board just said they’re good with that. The only way to change it is for the people putting money in their pockets to say that’s enough, I’m going to find something else to do. They’ve done what they’re going to do, now it’s up to us to keep enriching them, or walk away. What’s it going to be folks? Nothing else to say, we either go or we don’t. Meaningless chats change nothing.
Renewed? Why wasn’t this brought to a vote by shareholders? I did’nt and would not vote for a renewal!!!
Sad Day, maybe Board should be replaced.
It makes me sick that he is staying in office! OF COURSE he’s made the company money, he’s raising all the prices but he’s not giving anything back in return! The upgrades, the magic, the Disney experience is ALL DEAD BECAUSE OF HIM!!!
At this point it is very apparent that Disney Corporation has lost touch with their visitors. Unfortunately, they have traded Walt’s vision to provide “The Happiest Place on Earth for all” in exchange revenues. Bob has consistently sacrificed the experience of the guest in exchange for money that can be made from the experience.
I hope the Board is prepared to accept the loss of Walt’s Dream in exchange for the Hope that the Disney Brand will sustain itself.
Thanks for killing the dream Disney Board.
Too bad Chapeks contract was renewed. . He has ruined the magic for me. Genie does not work. It just shuffles you from one end of the park to another so you waste time running around with your nose in your phone as it goes dead. Mobile order is incredibly stressful. Out of 6 or seven uses it worked once without freezing or crashing. Then I waited 40 minutes for my order at Casey’s Corner. I stopped back later in the day and asked if I could order just a coke at the register. I was told I’d have to mobile order. Great way to be frustrated!
Bob Chapek is here to stay. The only way he is not going to be around is if everyone dumps their stock, sell off their DVC, people stop going to the parks, cancel their Disney + and stop buying the products. So in other words Mr. Chapek is king of the Disney kingdom. Learn to love him.
It’s my opinion that Chapek has destroyed the Disney that we had loved. We don’t think, given current operations, that we may ever go back. Such a shame, because pre-Chapek, we had wonderful vacations.
Looks like Disney is at long last giving up on Walt’s dream. They are obviously content to become just another mediocre corporation. Too bad, They did it right for so many years. I guess all good things come to end. Maybe Universal will seize the opportunity and give us a destination that is worth the price.
He has made it so expensive. To go to Disney world and then to pay for shorter wait times after we paid to walk on the hallow grounds and then to b on our phones for other things to b able to eat it’s too expensive. To eat at all sit down Reasturants and he doesn’t care S long as he gets his pockets filled and the board that voted to extend his contract pure GREED and yes my family is angry especially when we fly tho Disney and have to pay to get there from the airport And is there someone at the resorts to place our luggage n our rooms
Wow, this is sad.
I’m sorry but Bob Chapek did not do anything deserving of a contract extension.
The Disney Stores are gone, even one that were making profits, what too many employees using discounts in WDW? The rates went through the roof, believe me I still try to get to Disney but not as much as I use to.
The pricing on the cruise line is out of reach, we have started going on other cruise lines, and we even did our
wedding renewal on the Dream. We were scheduled for the Wish, after the pricing came out we cancelled and booked on the Allure. It’s a shame you cannot even really enjoy Disney with all the construction going on. And now with the Disney Stores gone the little trips to a little piece of disney is now gone. And yes I blame Bob Chapek for all of this, I wish Bob Iger never left. Disney is not what it was it was never cheap but it wasn’t this bad.
I find it kind of amusing that all these people that say they are no longer going to support Disney have either just returned from a long Disney World vacation, are planning a Disney World vacation, are members of DVC or Pass Holders. That is one of the reasons Chapek was given another 3 years.
This is horrible. There has to be some behind the scenes, under-the-counter money bribery going on (or something similar) for Disney to have renewed Chapek’s contract. I really don’t understand this decision. Even the board’s statements saying Bob Chapek has done great are absolute lies… something is seriously off with the Disney company right now. 🙁 My husband and I wanted to go visit Disneyland with the kids and ride Splash Mountain one last time before they change it to Princess and the Frog (*barf*) but at this point, the parks sound like an absolute mess and I’m not willing to support the Disney company with their terrible decisions they’ve made recently. We will spend our money elsewhere.
How very, very sad, but reinforces what I have said, Disney cares nothing about the what Disney means to many of us. The $$$ rules and the legacy is no longer even an equal partner, it is last in line of importance.
D
RickTR, Yes, I went to Disney last December. It was because of that visit that I say I will never go back. Have you been to the Parks recently? If you had than you would understand why people are coming away with such bitter taste of what has become of the Disney experience.
“I find it kind of amusing that all these people that say they are no longer going to support Disney have either just returned from a long Disney World vacation, are planning a Disney World vacation, are members of DVC or Pass Holders. That is one of the reasons Chapek was given another 3 years.”
I don’t fall into that camp. I have voted with my wallet and won’t be visiting a Disney resort again unless it starts looking like an experience that is hassle-free and worthwhile. If if never improves, then it’s goodbye. Simple. There are other places in the world to visit.
Share holders VOTE do u have power to vote the board out that voted to keep that greedy chapek n for 3 more years as long as people keep going there that greedy selfish jerk and the greedy board members who we r sure r getting their pockets filled they r as guilty as chapek they beep building
more and removing attractions that we love and to charge what we call an admittance just to walk into the parks
To continue with the above of what I’m saying it’s a gate fee and then to pay to keep out of long waits is beyond acceptable can go to Kentucky kingdom for under $30,00 a day and ride everything and that is what my family will do and n Indianapolis Indiana there is a childrens museum that is the best n the USA we have been there and people all over the USA come there it is voted the biggest and the best and we will go there again and adults can go there alone and have a great time they even had the Egyptian king tuts exhibit there a number of years ago we also went to see that it was wonderful there us a lot for adults to go and enjoy there we have been several times so b cause of the awful prices and lots of other reasons and no express service to Disney we can’t justify going there anymore and that breaks our hearts and Walt Disney has been disgraced with all his wonderful dreams that started with a mouse we r heartbroken that the greedy ones have destroyed his dream god bless Walt Disney we r so sorry what has been done to your dream
pattie: We were planning to go to Kentucky Kingdom this summer instead of Disneyland. It’s an 8 hour drive for me. Do you think it is worth it?
pattie….Shareholders really don’t have all that power unless you have alot of shares/ Many people (like me) have a few shares, not thousands. Yes you might have a single vote. But not a vote that counts.
Bottom line is that what is happening right now will not last. People are getting out of the house after the pandemic lockdown. Many have chosen the theme parks and not just Disney. Universal and Seaworld have having record numbers as well.
Disney however has been cashing in on those numbers by reducing staff and services making a larger profit. The Park reservation system is not to control the number of guests, all one has to do is visit the parks to see that is a Disney lie. The real reason is so that Disney will know how many Cast Members they will need to minimally staff the park on that day.
They have cut services everywhere. From the Magical Express, To no housekeeping, While they discontinue free services in place of pay per use services such as the Fast pass to lightning lane.
Disney is in self destruct mode. Universal will continue to peck away at Disney guests. With their new 3rd park coming to Orlando. The prices are cheaper and the experience while different is just as entertaining. Especially with the new and young adult crowds. Disney still hold on edge on the very young and the elderly. But the elderly think in terms of dollars and they are realizing the loss of value in Disney vacations.
Truth is that Disney dose not care, I have written, emailed, called, They listen, say how sorry they are and that you will just have to understand that there will be changes. They always say while we take something away we always replace it with something new. Disney fails to realize that not all change is good. Too much change is never good.
Frank: With a train station being built by the new Universal Park and the Nintendo and possibly Pokemon properties coming these, Disney is going to be seen as a dinosaur. Kids, teens and nostalgic adults will want to visit Nintendo Land, especially if they build the proposed Donkey Kong coaster. School age kids still love Pokemon and the other properties they are discussing are also popular. Why would someone want to go to Disney and be treated poorly and know they are only seen as dollar signs? Universal is on the right track and by building new budget hotels while Disney builds new luxury hotels, it’s obvious where the average person is going to spend their money.
Frank & Rick…..You both nailed it! Here is my nutshell: If ya gotta go to Disney, fly in, pay for transport to a value resort, stay 3 or 4 nights…….then go to Universal, stay @ Portofino for 5 nighs or more. Why?????
Universal will send transport to pick up from Disney resort and provide transportation to airport. Security is a breeze, checks before u get on boat to cruise over to Universal. Portofino comes with perks, no glued to cell trying to book that next ride that u now pay for at Disney, @ Universal u can get off the ride and walk back in as many times as u wish too, another valuable feature, and this is a really good one, the rides aren’t constantly broken down. Looking forward to the new “Universe” park in 2025, will skip Disney if
Chapek is still commanding.
Oh, @ Portofino we had housekeeping and freshly made beds EVERYDAY.
RickTR, I agree with you, Disney is digging a hole they may never be able to climb out of. As soon as the pandemic lockdown hangover ends, Disney is going to find that the Park attendance is going to go way down. Disney Value resort hotels are 250.00 or more depending on their sliding scale. They charge more when more people are at the parks. Value resort hotels are nothing more than a motel 6. Moderate resort hotels are 350.00 a night. Disney rides are broken down so often it is really putting people off. Plus, if you paid to ride the ride and it breaks down, too bad, you don’t get your money back. Disney is in self-destruct mode.
Universal is building, the prices are more family friendly and as you stated they are geared towards the teen, young adult audience. They still have affordable hotels, food prices and gate entry.
My family likes Discovery Cove best, but it is a single day park. All inclusive, Food and drink.
RICKTR yes we think it’s worth the drive
My family also thinks that universal will continue to pick away at Disney and that is such a shame but hand writing is on the wall Disney world was always our happy place where there was pixie dust 24 hours a day we grew up on Disney and was always so excited to get on the plane and go and now our hearts r broke