This week The Walt Disney Company board of directors is meeting at the Walt Disney World Resort for their annual retreat. The 11 members, which include Disney CEO Bob Chapek, are expected to discuss the company’s businesses and undertake an in-depth analysis of various initiatives and strategic questions.
The board is also expected to attend the christening of Disney’s newest ship, the Disney Wish, tomorrow evening at Port Canaveral. The event will also be live-streamed on Disney’s various social media channels.
It is also possible that during the retreat, the Board would also take up the subject of Chapek’s contract renewal. Los Angeles Times writer, Ryan Faughnder says that “While questions about leadership are sure to come up, the board meetings tend to be dominated by long, dry business presentations. CEO contracts are typically discussed in committee behind closed doors or remotely.”
He goes on to say that “Most people who spoke to The Times expect the board to re-up Chapek, if not at the meeting, then later this year.”
Chapek has had a bumpy tenure since taking over as CEO in March 2020. He had to deal with the shutdown of virtually all of Disney’s businesses due to a global pandemic, a public spat with Scarlett Johansson, and backlash from Florida’s Governor Ron DeSantis and Republicans over their stance on Florida’s “Don’t Say Gay” bill. In addition, Chapek is also trying to navigate the Company’s continued growth of their streaming service, Disney+, a volatile stock market, rising prices, inflation, and a host of other issues.
“Bob Chapek stepped into his CEO role only two weeks before most of the company’s businesses shut down, and he deserves credit for leading the company through the unprecedented crisis of a global pandemic and emerging even stronger,” Disney’s senior executive vice president and chief financial officer Christine McCarthy told the LA Times. “His fact-based decision-making has been focused on creating long-term value for the company and delivering results, and I could not be more happy with the great team Bob has created over the past few years. That, to me, is the sign of true leadership.”
Earlier this month, Susan E. Arnold, chairwoman of Disney’s board, told the New York Times, “Mr. Chapek had the board’s backing.”
“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,” she said. “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.”
