Despite chatter that Disney CEO Bob Chapek was on shaky ground with the Board of Directors some months ago, Susan E. Arnold, chairwoman of Disney’s Board told the New York Times that Chapek has the “support and confidence” of the Board.
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.
While the statement comes in the wake of the firing of TV exec Peter Rice, it also expands beyond the decision, noting that the Board is committed to keeping Disney on a path that is a testament to Chapek’s leadership and vision for the Company.
Chapek has found himself in hot water over the handling of the Studios’ talent and his handling of the “Don’t Say Gay Law” in the State of Florida, but he clearly has the backing of the Board at this point.
As of publish time, Chapek’s contract is set to expire in at the end of February 2023.
Disney stock price sits at just over $105 at press time, down more than $90 from a high of $197 back in March 2021.
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Of course he does. The company is making money. The board doesn’t care if he is gouging the customers or if the people are totally unhappy.