Many industry watchers were surprised by this week’s announcement that Disney had extended the contract of its CEO, Bob Chapek, by an additional three years through July 1, 2025. In their official announcement of the extension, the company praised Chapek as being “the right leader at the right time.”
His first three years at the helm have had a number of highs and lows, from a soaring stock price in his early days based on the growth of Disney+ to a spate of bad press due to entanglements with hot-button political issues.
Chapek took over from Bob Iger, Disney’s long-time and well-regarded CEO. This was during a period of radical change, immediately after the launch of Disney+ and just before the onset of the COVID-19 pandemic. Disney theme parks were shut down, and new movie releases were pulled out of theatres and redirected to Disney+, causing tension with both exhibitors and several high-profile talent.
Scarlett Johansson sued Disney over its decision to release BLACK WIDOW to theatres and Disney+ simultaneously, rather than following a traditional release beginning with theatres exclusively. Johansson claimed that Disney had violated its agreement with the star, by undercutting the box office potential for the film, which impacted her earnings tied to cinema ticket sales.
In addition, there have been numerous reports of Pixar staff being frustrated with Disney’s decision to release a series of their animated titles on Disney+ only, skipping theatrical releases. Some whispering had begun that Chapek might be forced out after his current contract ended in February 2023. After his extension was announced, Chapek released his statement thanking Disney’s board: “Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support.”
See also: Disney Board Renews Bob Chapek as C.E.O. (New York Times)
