There’s no doubt that these past several weeks have been truly transformative for the Walt Disney Company. Not only have the recent events closed the parks globally and delayed significant film releases, but the leadership of the Company is facing historic changes as well.
We’ve just learned about a significant move made by the Board of Directors in electing their newest member.
Bob Chapek, who in February was named the new Chief Executive Officer of the Walt Disney Company, has been elected to the Board of Directors today.
While former CEO, Bob Iger, stepped down from his position in February, he remains on the Board and is also serving as Executive Chairman and Chairman of the Board for the duration of his tenure at the Company. In the wake of recent events, both Iger and Chapek have taken significant pay cuts.
Susan Arnold, independent Lead Director of the Board, stated that “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. We are pleased to add Bob to the Board, as we stated we would when he was named CEO.” This intent of naming Chapek to the Board was listed in the SEC filing when it was announced that he would become the Company’s new CEO. We will keep you posted with the latest news on the Walt Disney Company!
Read more about Bob Iger’s thoughts on how the closures will affect the Company in the long-term here.
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How do you think Disney’s leadership has performed overall in these past several weeks? Let us know in the comments!