Disney board extends CEO Bob Chapek’s contract for three years

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Walt Disney Co.’s DIS, -0.71% board on Tuesday unanimously voted to extend Chief Executive Bob Chapek’s contract for three years. “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,” Disney Chairman Susan Arnold said in a statement. “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, who has spent nearly 30 years at Disney, succeeded Bob Iger in February 2020. Disney’s stock is down 38% in 2022; the S&P 500 index SPX, -2.01% has declined so far 20% this year.

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