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2022-06-29

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Disney's Board Backs CEO Chapek, Extends His Contract for Three Years

LOS ANGELES, June 28 (Reuters) - Walt Disney Co's board of directors on Tuesday unanimously voted to

Disney's Board Backs CEO Chapek, Extends His Contract for Three Years

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His current contract was set to expire in February.</p><p>&#34;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,&#34; board chair Susan Arnold said in a statement.</p><p>&#34;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,&#34; Arnold added.</p><p>In recent months, some analysts and media executives had wondered whether Chapek&#39;s position was at risk when he upset employees by initially refusing to condemn a bill in Florida that limited LGBTQ discussion in schools.</p><p>When the company eventually spoke out against the measure, Florida lawmakers stripped Disney of its self-governing status for Walt Disney World in Orlando. 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His current contract was set to expire in February.\"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,\" board chair Susan Arnold said in a statement.\"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,\" Arnold added.In recent months, some analysts and media executives had wondered whether Chapek's position was at risk when he upset employees by initially refusing to condemn a bill in Florida that limited LGBTQ discussion in schools.When the company eventually spoke out against the measure, Florida lawmakers stripped Disney of its self-governing status for Walt Disney World in Orlando. 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