Disney disclosed the total compensation for its top executives in a year that saw the company hit hard by the pandemic right after Bob Chapek took over as CEO.
When Walt Disney Co. announced that it had closed more than 20 foreign TV channels last week, Chief Executive Officer Bob Chapek looked like he was taking the knife to a big chunk of the company’s international audience. The move would have been unthinkable a few years ago. But Chapek — less than six months after succeeding longtime CEO Bob Iger — is using the COVID-19 crisis to transform Disney much faster than expected, all with an eye toward making the company an online juggernaut that reaches far more people worldwide.
Bob Iger transformed Disney during his 15-year tenure as CEO; now he’s handing the reins to Bob Chapek, who led the company’s parks division for nearly five years.
In a surprise announcement Tuesday afternoon, Walt Disney Co. said longtime CEO Bob Iger was stepping down immediately, to be succeeded by Bob Chapek, most recently chairman of Disney’s parks, experiences and products business. Iger will remain executive chairman through the end of his contract on Dec. 31, 2021. Besides leading the board, Iger said he will spend more time on Disney’s creative endeavors.
The Walt Disney Co. announced Tuesday that the longtime head of its theme park division would become the company’s new CEO, effective immediately. Bob Chapek, a 27-year veteran of Disney, will take over from Robert Iger, who will become the company’s executive chairman and will continue to oversee what the company’s announcement called its “creative endeavors.”