“Bob Chapek has demonstrated remarkable leadership in the face of unprecedented challenges that were unimaginable when he became CEO just seven weeks ago, and we’ve watched him navigate this very complex situation with decisiveness and compassion,” mentioned Iger and Susan Arnold, impartial lead director of the Disney board. “We are pleased to add Bob to the Board, as we stated we would when he was named CEO.”
Iger has since transitioned to the position of govt chairman. The Disney board now has 10 members, together with Chapek.
Prior to his elevation to CEO, Chapek served as chairman of Disney’s parks, experiences and merchandise division for 2 years, and was chairman of parks and resorts since 2015. The Disney veteran has spent 27 years on the leisure conglomerate. Although Iger had made clear that he didn’t intend to delay his retirement past the top of his contract by means of the top of 2021, the altering of the guard on Feb. 25 took the trade unexpectedly.
The phase Chapek led most lately has been hit exhausting within the wake of the coronavirus pandemic, with all Disney theme parks and resorts worldwide now shuttered, together with the indefinite closure of Disneyland and Walt Disney World within the U.S. Amid the shelter-in-place orders which have shut down the overwhelming majority of the leisure trade, Disney has furloughed tens of hundreds of staff throughout varied divisions. Iger has determined to forgo his wage for the yr, whereas Chapek has slashed his pay in half as Disney’s senior execs every take pay cuts.