Disney board votes to extend Bob Chapek's contract as CEO of the Walt Disney Company

Jun 28, 2022 in "The Walt Disney Company"

Posted: Tuesday June 28, 2022 4:37pm ET by WDWMAGIC Staff

The Walt Disney Co. board has voted to extend Chief Executive Officer Bob Chapek's contract for another three years.

In a statement from Susan Arnold to CNBC, the Chairman of the board said "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. In this important time of growth and transformation, 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."

"Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support," said Chapek, Chief Executive Officer. "I started at Disney almost 30 years ago, and today have the privilege of leading one of the world's greatest, most dynamic companies, bringing joy to millions around the world. I am thrilled to work alongside the incredible storytellers, employees, and cast members who make magic every day."

Chapek took control of the Walt Disney Company in 2020 following Bob Iger's retirement and has been at the company for more than 30 years.

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Lilofan15 minutes ago

11 hour wait ? That’s a whole day lost. No thank you.

el_super16 minutes ago

Because when you see Moana at a Disney park, you are seeing the actual on-brand Disney Moana. If you go see France at Disney, you're seeing the cheap knock-off. Like buying discount store brand cola. It will never be as good as seeing the real thing.

el_super23 minutes ago

Tokyo still has capacity issues. New rides are still trending over hour long waits and even character meets are overwhelmed. Not long ago, when they changed Minnie Mouse's look, there was an 11 hour wait to meet her. They adopted Premiere Access to charge more for line skipping and if you're not familiar with the entertainment lottery over there... you should look into it. It's quite a mess.

el_super37 minutes ago

It wasn't. Cable is a dying medium and they are working toward streaming as a way to replace the revenue coming from Cable. Not really all that difficult to see why. Technology moves forward. As for the amount they're spending on Disney+: they are still first and foremost a studio. A content factory. Their IP business feeds all the other businesses, cable, streaming, theatrical and even the parks. No reason at all to complain that a content factory is making more content. The parks business will always be second to that. Always. You're not really saying anything different here from what I was saying: Disney chooses to keep the prices where they are at, because they want to keep more people happy. They are betting that their wider audience is happier with cheaper access and convoluted pricing schemes than they would be if they just raised prices across the board and improved the experience. To be completely fair though, Disney has been good at offering better experiences for people who want to pay more: Genie+ being one of them, but you can also count the private parties (paying the same for a few hours of no lines), and even things like the Cruise Line all the way up to Club 33. Going to the park and paying for a ticket during a "normal" operating day is just a basic entry level experience and Disney keeps it that way because it's better for the overall health of the company to keep people engaged in the brand, and digesting content through the parks, than it is to provide a premium experience.

Sirwalterraleigh2 hours ago

The “answer”…at least for the Wdw clientele? Is that home sucks…so why not spend/focus on your trip? Obsessively. So that’s the underlying psychology.

CaptainAmerica4 hours ago

Interesting, I had never considered the World Showcase angle. I 100% agree that smartphones killed EPCOT, and I've thought that for awhile, but I've always looked at it from the Future World perspective. Smartphones killed everyone's sense of wonder, and theme park attractions about technology and the future that need to last 20 years can't keep up with devices that update overnight and upgrade every year.

lazyboy97o4 hours ago

Why would I pay to see Moana when I can watch Moana anywhere and for less than a ticket?

Sirwalterraleigh6 hours ago

Yep…if ip is inevitable…use the expansion pads

Sirwalterraleigh6 hours ago

Couldn’t agree more…I’ve said something similar over the years. Epcot lost its “wow” in the digital age. The library analogy is perfect…by the way

Vegas Disney Fan9 hours ago

Food and Alcohol... they already have “special events” all year though so I agree IP was inevitable. I just wish they’d opted for the Alps ride, Mt Fuji ride and other rides that weren’t IP based in world showcase, I can live with IP in the front of the park (because edutainment doesn’t really work when everyone has a super computer and unlimited knowledge in their pocket) but world showcase still has a ton of potential for non IP rides that represent the country they’re based in.

kingdead10 hours ago

If globalization/the Internet killed anything it was EPCOT. When the place started out, international travel was expensive and involved paper maps and foreign language guidebooks, and if you wanted to learn about another country you could take a book out of the library (if you were lucky enough to have a nice library) or maybe catch a PBS show. The World's Fair concept was a little cheesy but f did provide cultural resources that would otherwise be difficult to access. Now everyone now has a pocket size personal device that can translate every language and show you almost real time videos from anywhere in the world, and the extended supply chain allows you to order food in the style of most of these places, too. (And if not, you can get knockoffs at the generic American grocery store, as palates have expanded.) Why would I pay to see "France" if I can watch French TV on Netflix, order French ingredients off Amazon, and buy a ticket to Paris for cheaper than Disney World? I see people complaining about IP in the EPCOT but what's the alternative draw?

MrPromey13 hours ago

Point taken but at the same time, I’ve never seen World Showcase listed as an attraction on park maps… and you could just as easially include the boardwalk atmosphere of Pixar Pier and the rockwork of Radiator springs if placemaking is going to be an attraction in and of itself. Thst said, I’m going by what both list as an attraction. If we go by rides only, the difference is worse. I say this with awareness that before they were willing to admit Main Street USA was nothing but a big junk shop over here (it’s still in it’s classic form over there) they listed the front locker and stroller rental as an attraction to pad that category on the maps for attractions in that “land”. Also, if golf courses, resorts, and third party off-property attractions were included in the cost of admission, I’d consider including all that in this discussion but since it’s not, it seems a little disengenuous to include all of that. … especially with the third party stuff when the whole original idea of WDW was to create a buffer that would prevent all of that from encroaching on the resort experience. One last thought, I don’t know if you’ve ever been to DL but I’ll say in my experience, the quality of their live entertainment - what they have of it - is a higher caliber (Additions under Chapek for Marvel not withstanding) and the last time I was there, things that were long cut from live entertainment here (like the diamond/ruby horseshoe) were still humming over there. No offense to the equity performers in FL but I’m guessing the quality difference has to do with who’s living in the area out there looking for that kind of work which offers them a larger pool. I’m guessing the cuts to our streetmosphere and live entertainment on the other hand, which started well before COVID, are due to them being cheap.

JoeCamel13 hours ago

Spike the dole whips with lead - mission accomplished

Sirwalterraleigh13 hours ago

Dumber customers in larger numbers, Alex?