Bob Chapek Says “Best Years Are Ahead Of Us” As Disney Re-Elects Board Of Directors & Passes Exec Pay Plan

Peter White
·2 min read

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Bob Chapek addressed his first annual meetings of shareholders as Disney’s new CEO and talked up the studio’s digital future as the board of directors were re-elected.

Chapek, who was surprisingly named CEO at the end of February with Bob Iger moving to Executive Chairman until the end of his contract in December 2021, said that Disney’s “best years are ahead of us”.

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“There are so many opportunities on the horizon. As successful as the company has been, we’re almost 100 years, I think our best years are ahead of us because we’re in a position where we’ve got so many great creative engines to tell stories,” he said.

Chapek, who most recently served as chairman of Disney Parks, Experiences and Products, and previously ran Disney’s parks and consumer products divisions, added that a digital future would also helped Disney. The pair said that Disney+ had “greatly exceeded” its expectations.

“Now we have a distribution system so to be able to take that content and take it directly to all of you without necessarily having to go through a third party that somewhat limits what we can do. I have never been more excited,” he added.

Chapek admitted that he understood the “gravity” of filling Iger’s shoes but was looking forward to some “great years ahead”.

Elsewhere, during the meeting, all nine members of the board were re-elected during the meeting, which was held at the Duke Energy Center for the Performing Arts in Raleigh, North Carolina. Susan E. Arnold, Mary T. Barra, Safra A. Catz, Francis A. deSouza, Michael B. G. Froman, Robert A. Iger, Maria Elena Lagomasino, Mark G. Parker, and Derica W. Rice were re-elected by shareholders, who also approved the company’s exec compensation plan.

However, a large minority – 46% of votes – were cast against the plan.

They also approved the advisory resolution on executive compensation, and an amendment to the Company’s Amended and Restated 2011 Stock Incentive Plan. Shareholders also ratified the appointment of PricewaterhouseCoopers as its accountants but rejected a shareholder proposal on lobbying disclosure.

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