Disney board votes to extend CEO Bob Chapek's contract by three years

Disney board votes to extend CEO Bob Chapek's contract by three years

Bob Chapek, Disney

Jeff Gritchen | MediaNews Group | Orange County Register via Getty Images

Disney has extended CEO Bob Chapek’s contract for three more years, the company announced Tuesday.

“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,” said Susan Arnold, chairman of the board, in a statement Tuesday. “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.”

Chapek, 63, has worked for the Walt Disney Company for nearly 30 years and is its 7th CEO. He took over the position from Bob Iger in 2020 just as the coronavirus pandemic began to shuttered different facets of the entertainment industry.

Previously, Chapek was the chairman of Diseny’s parks, experiences and products division.

This is breaking news. Please check back for updates.