Disney Finally Renews CEO Bob Chapek’s Contract, But the Damage Is Already Done | Analysis

Extending the CEO’s reign was really the only thing Disney’s board could do to silence critics, but it doesn’t erase the shaky record

The Walt Disney Co.’s board of directors finally snapped out of its near-catatonic corporate state this week by extending Bob Chapek’s term as CEO, a definitive move that expressed confidence both to the smart money on Wall Street and tourists ambling up Main Street, U.S.A.

By extending Chapek’s contract for three years, the 11-member board put to rest speculation that Bob Iger would return to save the day, among other names bandied about as a possible replacement. And, at least for now, the move silences some of the well-documented whispers and complaints of missteps that have plagued Chapek since taking the job in February 2020.

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Joe Bel Bruno

Joe Bel Bruno

Joe Bel Bruno is TheWrap's Editor at Large, Business. He most recently served as the Founding Editor of the business news site dot.LA. He was previously the Managing Editor of Variety, and served as Deputy Business Editor and later Deputy Entertainment Editor at the Los Angeles Times. Bel Bruno also ran markets coverage for The Wall Street Journal. Before that, he was an award-winning reporter at the Associated Press in New York, and held senior posts in London and New York for Knight Ridder Financial.