As rumored a few days ago, the board of The Walt Disney Company has voted to extend CEO Bob Chapek’s contract another three years.
The vote, which took place at the board’s annual retreat in Florida, was unanimous. Chapek is also a member of the board.
With just nine months left on Chapek’s contract, many were speculating that the unpopular CEO would be removed. However, the board has continuously been supportive of Chapek.
“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 Chairman Susan Arnold. “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 recently fired Peter Rice, who was a suggested CEO replacement.
Though the board supports Chapek, several Disney insiders have told members of the press that they don’t have faith in the CEO.
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WOW…I wonder what’s going on in these peoples heads! Stock is terrible…Bob Chapek is horrible…..i don’t get it!
Well this sucks… its political so nothing would fall in our favor. This guy is single handedly ruining Disney.
Now watch the stock price drop to below $80 over the next few days.
Fire everyone on the board. These people are so stupid
This CEO is the worst one we have ever had at Walt Disney. He is running this company in the ground. His decision are not for the family at all and that is why Walt made these parks. Not for what the adult do in the bedroom, what we teach our kids. If he wants all of that he needs to go to another company. I love Disney, the old one that Walt gave us all not this new which is money,money,money.
#GiftShopsMatter
Yep. We all had to see that coming, as disappointing as it is.
The Almighty Dollar always Wins in The End
As a stockholder I have little faith in the board of directors or the ceo.
This actually makes me sad.
Sad day for Disney parks fans.
Why??
Well the Board of Directors will share their part of the blame of what happens to Walt’s Disney Co. which is now Woke Disney Co.!
Short term profits at the expense of the brand. This is disappointing.
Holy crap! Will this never end? What do they love about the way he is handling things?!?!
I just threw-up in my mouth
What the…!!!! How!!!!??? So, not right.
Bummer!
Then Disney is truly dead…
RIP Disney!
This is a mistake. Bob C has very badly mismanaged Disney during a challenging time and created a fragile, less valuable organization out of a robust, previously exemplary one. If he had been trying to wreck Disney on purpose things would look much the way they do now.
It doesn’t appear investors agree with the decision….
This is a terrible decision by the board that was made to make Wall Street and stock holders happy. Clearly they don’t care about the feedback from Disney Parks fans, they just want to portray stability to help keep the stock price stable.
Are we really shocked and surprised at this? Chairman Susan Arnold is just as bad as Chapek, I’d go as far as to say that she may be the real behind the scenes ring leader of this agenda-driven horrific leadership slate currently at the helm of one of America’s once great companies. Pathetic. She needs to go as well.
This just in, a followup to the Chapek story… the Disney board has just approved the extension of both Vladamir Putin and Kim Jung-un’s contracts in Russia and North Korea. They unanimously agree they are happy with the current leadership, “they are the right leaders for the right time” a spokesman for Disney claimed.
Susan Arnold and the entire board need to be replaced. I think they pushed Iger out. If you remember his departure as CEO was rather abrupt. There is probably an NDA which means well never know what really went down. The board is corrupted.