Bob Chapek is sticking around the halls of Disney HQ for the foreseeable future. Tuesday, Disney's board of directors announced the company and executive agreed on a contract extension that tacked on three more years to his deal. His current deal was set to expired next February, meaning this new deal with keep him on through the beginning of 2026.
"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 chair Susan Arnold offered in a statement (via THR). "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."
"Leading this great company is the honor of a lifetime, and I am grateful to the Board for their support," added Chapek. "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."
Reports suggest Chapek's salary will remain the same with an annual pay of $2.5 million. The chief executive took over for Bob Iger just before the pandemic shut down virtually all facets of the company from amusement parks to film studios. Still, the company's direct-to-consumers operations continue to surpass expert predictions, with Disney+ reporting a whopping 137 million subscribers earlier this year.
"Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services-with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million-once again proved that we are in a league of our own," Chapek said at the time. "As we look ahead to Disney's second century, I am confident we will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected, and magical Disney universe for families and fans around the world."