Bob Chapek named Chief Executive Officer of The Walt Disney Company

Feb 25, 2020 in "The Walt Disney Company"

Posted: Tuesday February 25, 2020 4:22pm ET by WDWMAGIC Staff

The Walt Disney Company has announced that Bob Chapek is the new Chief Executive Officer of the company effective immediately. Bob Iger assumes role of Executive Chairman through 2021.


Here is the full release.

BURBANK, Calif., February 25, 2020—The Walt Disney Company (NYSE: DIS) Board of Directors announced today that Bob Chapek has been named Chief Executive Officer, The Walt Disney Company, effective immediately. Mr. Chapek most recently served as Chairman of Disney Parks, Experiences and Products.

Robert A. Iger assumes the role of Executive Chairman and will direct the Company’s creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Mr. Iger said. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

Mr. Iger added: “Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Mr. Chapek said. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Susan Arnold, independent Lead Director of the Disney Board, said, “The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.

“Mr. Chapek will also benefit from the guidance of one of the world’s most esteemed and successful business leaders, Bob Iger,” Ms. Arnold continued. “Over the past 15-plus years as CEO, Mr. Iger has transformed The Walt Disney Company, building on the Company’s history of great storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and Twenty-First Century Fox and increasing the Company’s market capitalization fivefold. Disney has reached unparalleled financial and creative heights thanks to Mr. Iger’s strong leadership and clear strategic vision. We believe Mr. Chapek’s leadership and commitment to this strategy will ensure that the Company continues to create significant value for our shareholders in the years ahead.”

In Mr. Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions. Mr. Chapek will report to the Executive Chairman, Mr. Iger, and the Board of Directors. He will be appointed to the Board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.

Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015.

As Chairman of Disney Parks, Experiences and Products, Mr. Chapek oversaw the Company’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. The segment includes Disney’s iconic travel and leisure businesses, encompassing six resort destinations in the United States, Europe and Asia, a top-rated cruise line, a popular vacation ownership program, and an award-winning guided family adventure business. Disney’s global consumer products operations include the world’s leading licensing business across toys, apparel, home goods, digital games and apps, the world’s largest children’s print publisher, Disney store locations around the world, and the shopDisney e-commerce platform.

During his tenure at the Parks segment, Mr. Chapek oversaw the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World and the addition of Marvel-inspired attractions around the globe; and the expansion of Disney Cruise Line with the announced construction of three new ships.

From 2011 to 2015, Mr. Chapek was President of the former Disney Consumer Products segment, where he drove the technology-led transformation of the Company’s consumer products, retail and publishing operations. Prior to that, he served as President of Distribution for The Walt Disney Studios and was responsible for overseeing the Studios’ overall content distribution strategy across multiple platforms including theatrical exhibition, home entertainment, pay TV, digital entertainment and new media. He also served as President of Walt Disney Studios Home Entertainment, where he spearheaded the successful “vault strategy” for the Company’s iconic films and transformed the primary format of home entertainment from DVD to Blu-ray.

Before joining Disney in 1993, Mr. Chapek worked in brand management at H.J. Heinz Company and in advertising at J. Walter Thompson.

Mr. Chapek earned a B.S. in Microbiology at Indiana University Bloomington and an MBA from Michigan State University.

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Disstevefan1Dec 04, 2023

FIFY ;)

ewensell3Dec 04, 2023

Fair. Should learn to use search. :)

JoeCamelDec 04, 2023

Several pages back in multiple threads, half a billion or so each time it is paid

ewensell3Dec 04, 2023

Not seen it mentioned anywhere. Fan Shareholder service. $0.30/share dividend to be paid 1/10/2024

TouchdownDec 04, 2023

I would hope most people are, not directly, as Disney is part of the S&P 500 (and the Russel 2000) which should be a portion of everyone’s 401k in the form of a low cost index fund. Year to date the S&P is up 20% nominal, or about 16% real (factoring in inflation) stocks are so important as they are one of the few assets that has been shown overtime to beat inflation over the long term and thus one of the few pathways to true wealth. While they are risky (2022 saw a 19.6% loss) it has averaged 10% in the last 80 years. I know this doesn’t help anyone who is living paycheck to paycheck currently but I hope that anyone (especially someone more then 15 years from retirement) who is not isn’t just doing the easy thing and putting their savings in a savings account/money market fund or even short term treasuries as those assets rarely even keep up with inflation (the most recent gains are very much an exception not the norm.) Im not saying don’t invest in those vehicles they have their purpose as a hedge to a bad stock market year but they should not be used as your main vehicle for retirement assets while you are in your working years.

_calebDec 03, 2023

Tentpoles are a thing of the past. It's a yurt-lattice strategy from here on out.

MisterPenguinDec 03, 2023

Well... yeah. Why is that an issue? They're buying an asset that has worth. They're paying a sum that is equitable to it's worth. That's not going backward financially. What they're buying produces profit, and their share of the profit will go from 66% to 100%. And they'll integrate Hulu with D+ (and ESPN+ and all their linear channels becoming streaming content). That will make 'the bundle' that much more attractive to consumers. Disney *wants* to buy it. Comcast didn't force them, they both agreed to make it happen. And TWDC will still be profiting billions each year.

StripesDec 03, 2023

I see your point. I also think a lot of people may be waiting to see Wish on Disney+, which of course could very well affect Inside Out 2 as well. But, the Wish trailers also received a pretty lukewarm reception. The comments on the trailers, at least before the film was released were very skeptical. Inside Out 2 is getting a lot of positive feedback in the comments. The new movie is a soft reboot. They haven’t made an Apes movie in a long time. I watched all three and enjoyed them very much. People really seem to like the Deadpool character. I think it will do really well, assuming the film is well-executed. Marvel is still very popular. But their films have been hit or miss recently. Their TV shows on the other hand are doing very well on Disney+ and have been quite strong in my opinion.

Model3 McQueenDec 03, 2023

I don't think it's harsh I mean i'd like to know why Marvel and Disney movies are costing over 200 million dollars to make, and are still subpar; why major theme park decisions are consistently anti-consumer (and incoherent) and how Bob could possibly be so blind to it all. He, his hand picked board, and their management is not good. They haven't had a clear-cut financially successful film in years (sorry, omitting GotG3). Chapek was never CEO, he was consistently kept in the dark and Iger continued to be the puppet master. What am I missing?

TalkingHeadDec 03, 2023

Wish was the most watched animated trailer before that. Social media trailer views aren’t a reliable predictor. Be honest, Planet of Apes is a tired franchise that hasn’t produced a big hit in ten years. Deadpool might hit, sure, probably because it’s unlike the other Marvel content being produced.

jriceDec 03, 2023

Oops! I was wrong. They have $14billion in cash. Even though they have it, they still have to pay for Hulu.

_calebDec 03, 2023

I bet it's at least a million dollars.

JoeCamelDec 03, 2023

So you pay 10+ for Hulu and gamble on a couple of tentpoles with the rest?

Fido ChuckwagonDec 03, 2023

Good thing they didn’t invest it in Disney Stock.