Some thought Bob Chapek was in the hot seat at Disney. It turns out he was always in the driver’s seat and the Board of Directors just gave him the green light.
Bob Chapek, the supposedly beleaguered CEO of The Walt Disney Company, has been renewed early and unanimously by the Board of Directors of the company during a “health check” of the corporation in Orlando, Florida. Whereas other sites had framed this “health check” as a referendum against Chapek, we have not been so foolish. By giving Chapek a three-year addition to his contract so far in advance of the deadline, the Board’s unanimous decision can only be seen as a full endorsement. Given that Chapek’s prior goal was to moderate the company, which was then derailed momentarily by activists within Pixar and other Disney-owned studios, it would seem the ouster of those who sought his downfall is probably nigh. It should also be noted that any news sources or opinion sites which thought Chapek firing Peter Rice was a way to defend his position are probably not the most trustworthy for understanding the entertainment industry. Clearly the Board of Directors is fully in sync with Bob Chapek. And as one reader of this site has messaged us, perhaps Chapek is the hatchet man the Board is looking for.
“Disney DIS –0.71% 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 on 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.”
— Janet H. Cho, Barron’s
https://twitter.com/ThatParkPlace1/status/1541216009897508865
The decision to re-up Chapek’s tenure comes on the heels of Pixar’s abysmal bomb of Lightyear at the box office — a film that was used as a wedge issue to both damage the CEO and force the Walt Disney Company away from a prior position. It also comes as Disney+ viewership does not seem to be rising at the level one would expect were the company on track to hit projection goals. With this vote of utter confidence, however, it may be that the Board agrees with Chapek and may disagree with others as to the cause of those missteps.
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