Disney Board Backs CEO Bob Chapek Even as Contract Remains Big Question

The Walt Disney Co.’s board of directors says that it completely supports CEO Bob Chapek and his executive team, in the wake of the news that Peter Rice would be exiting the company, with Dana Walden taking over as chairman of Disney general entertainment content.

In a statement from Disney board chair Susan Arnold, the board said that “in this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today.”

More from The Hollywood Reporter

• Disney's Peter Rice Ousted in Major Executive Shake-Up

• 'Deadpool 3' Writers Give Update on Working With Disney for New Film: "Deadpool Is Gonna Be Deadpool"

• Joseph Kosinski Says Marvel, 'Star Wars' Influenced Fate of 'Tron: Legacy' Sequel: "It Was a Different Disney by 2015"

The statement added: “The strength of The Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future. In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the Board.”

The vote of support from the board comes as Chapek’s contract is set to end in about nine months, meaning that the window for the board to negotiate a new deal is open.

Rice was seen as a possible internal successor if Chapek and the company were unable to come to terms on a new deal, with some industry insiders telling The Hollywood Reporter that he was angling to replace the CEO.

Chapek was named CEO of Disney in February of 2020, just a month before the coronavirus pandemic upended the world and essentially shut down Disney’s film and TV productions, theme parks and cruise ships. Chapek succeeded the well-liked Bob Iger, who stuck around as executive chairman until the end of last year.

While Chapek helped navigate the company out of the pandemic (as the board noted in its statement), his tenure has also seen rocky moments. Most notably, earlier this year the company was at the center of a firestorm surrounding Florida’s so-called “Don’t Say Gay” bill, with Disney employees angry over the company’s lack of action and Republican legislators retaliating after the company finally expressed its opposition to the bill by repealing its special tax district.

Click here to read the full article.