Who is the disney ceo

New York(CNN Business) Bob Chapek isn't going anywhere.

Disney's board of directors unanimously voted to extend Chapek's contract as CEO for another three years, the company said Tuesday. His new contract begins July 1 and runs until 2025.

The news is notable not only because Disney is one of the biggest and best known media companies in the world, but also because the company has experienced some very public missteps since Chapek began his tenure in 2020. This led to some questions around Hollywood on whether Disney would stick with Chapek once his contact came to an end next year.

Disney's board removed all doubt on Tuesday.

"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," Disney board chair Susan Arnold said in a statement Tuesday. "In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob's leadership is key to achieving that goal."

Arnold added that "Bob is the right leader at the right time" for the company and the board has "full confidence in him and his leadership team."

Chapek, 63, responded to the renewal saying that leading Disney is "the honor of a lifetime."

"I started at Disney almost 30 years ago, and today have the privilege of leading one of the world's greatest, most dynamic companies, bringing joy to millions around the world," Chapek said in a statement.

Chapek is the seventh CEO in Disney's near-100-year history and served as the chairman of Disney's parks, experiences and products unit before taking over as CEO.

Chapek's turbulent and transformational tenure

Chapek took over Disney (DIS) in February of 2020 following then-CEO Bob Iger stepping down. If following the legendary run of Iger wasn't enough of a challenge, Chapek took the reins at the beginning of the coronavirus pandemic.

The pandemic disrupted the global economy and Hollywood, but Disney — because of its reliance on in-person experiences — was hit particularly hard. The company watched as the global health crisis caused its theme parks around the world to close and its blockbuster film slate get delayed.

Yet, the company and Chapek had a lifeboat thanks to Disney+.

Subscriptions for the company's new streaming service skyrocketed during the pandemic, which propelled it to the status of a major player in the streaming marketplace with 137.7 million subscribers worldwide.

However, Chapek found himself grappling with issues as CEO other than the pandemic.

The company found itself battling one of its stars when Scarlett Johansson sued Disney alleging that the company breached her contract by releasing the highly anticipated Marvel superhero film "Black Widow" on its streaming service, Disney+, instead of in theaters. The lawsuit was eventually resolved.

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More notably, Chapek and Disney found itself in the middle of a political firestorm in March over the company's response to Florida's controversial bill dubbed "Don't Say Gay."

Chapek had spoken out about — but did not directly condemn — the controversial "Parental Rights in Education" bill, which would ban the state's educators from discussions about sexual orientation and gender identity in classrooms.

Disney employs 75,000 people in Florida, and the company and Chapek saw backlash from employees, which led to walkouts. Chapek apologized for the company's tepid response to the bill, opening the door to a showdown between Florida Gov. Ron DeSantis and the company.

These missteps and Disney's stock slide so far this year led to talk about Chapek's future with the company. Now, however, Disney's future includes Chapek at the helm until at least 2025.

Bob Chapek on Tuesday Disney

Disney CEO Bob Chapek has gotten a new long-term contract as the board meets this week. Directors voted unanimously to replace his current deal, which expires in February 2023, with a new three-year agreement starting July 1.

“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,” said Susan Arnold, Chairman of the Board. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. 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,” the board said.

Chapek has been having a rough ride as CEO, and some wondered whether a longer-term future for him atop the media giant was in the cards. Board chairman Susan Arnold came out in support of Chapek this month after an executive shuffle that included the firing of content chief Peter Rice.

“Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support,” Chapek said. “I started at Disney almost 30 years ago, and today have the privilege of leading one of the world’s greatest, most dynamic companies, bringing joy to millions around the world. I am thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.”

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Chapek, 63, was named CEO in February 2020 just as Covid shuttered the global economy. He took the reins from Bob Iger in what was a rocky transition as the former chief remained on to oversee Disney’s creative businesses before exiting.

Prior to becoming CEO, Chapek headed Disney Parks, Experiences and Products. He ran Disney Consumer Products and served as president of Distribution for The Walt Disney Studios, and president of Walt Disney Studios Home Entertainment.

Chapek’s promotion to the top job was a surprise to Hollywood and Wall Street — he was not at all well known to either. Since then, he had taken a few reputational hits including a high-profile legal scuffle with Scarlett Johansson, and from perceived waffling around Florida’s Parental Rights in Education bill (dubbed “Don’t Say Gay” by opponents). Disney became Florida Gov. Ron DeSantis’ punching bag and lost a special economic zone in the state after Chapek spoke out at the annual meeting in March, but not before alienating many employees by his public silence.

The contract announced today puts to rest at least for now the issue of his ongoing tenure at Disney.

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Disney stock has wobbled, along with other media shares, but more than some. It nosed up by 0.56% in late trading after news of the new contract, to $96.46. That’s near the $92 low for the year and almost half of the roughly $188 it was trading at last fall at its 52-week high. Streaming success drove the shares to highs during Covid, but DTC lost some of its glow after a recent contraction in subscribers at Netflix and Wall Street jitters about profits versus costs.

Recently, Disney passed on costly rights to hugely popular streaming cricket in India, a controversial move that will make it tough to meet its longer-term DTC subscriber growth targets. Lightyear, the latest film in the Toy Story franchise, disappointed. But Shanghai Disneyland is about to reopen amid a vigorous upswing in parks.

In an SEC filing, the company said the new contract calls for Chapek to be granted a long-term incentive award with a target value of “not less than $20 million annually.” Also, the proportion of his long-term incentive award comprised of performance-based restricted stock units will be increased to 60%. (It noted the awards don’t guarantee any minimum amount of compensation since they’re based on achieving certain metrics or stock price.)

The remaining details of his new contract, including base salary, still are being worked out.

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