- The Walt Disney Company Board of Directors announced that Bob Chapek has been named Chief Executive Officer of the company, effective immediately
Today The Walt Disney Company Board of Directors announced that Bob Chapek has been named Chief Executive Officer of the company, effective immediately. Chapek most recently served as Chairman of Disney Parks, Experiences and Products.
Robert A. Iger assumes the role of Executive Chairman and will direct the company’s creative endeavors while also leading the board and providing the full benefit of his experience, leadership, and guidance. Plus he will ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.
As CEO of Disney, Chapek will now directly oversee all of the company’s business segments and corporate functions. And Chapek will report to Iger — who is now the Executive Chairman of the company along with the Board of Directors. Plus he will be appointed to the board at a later date. A new head of Disney Parks, Experiences, and Products will be named at a future time.
Chapek served as Chairman of Disney Parks, Experiences and Products since the segment was created in 2018. And before that, he was Chairman of Walt Disney Parks and Resorts since 2015.
As Chairman of Disney Parks, Experiences and Products, Chapek oversaw the company’s largest business segment with operations around the globe and more than 170,000 employees worldwide. And the segment includes Disney’s iconic travel and leisure businesses, encompassing six resort destinations in the United States, Europe and Asia, a cruise line, a popular vacation ownership program, and a guided family adventure business.
While working on the Parks segment, Chapek oversaw the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort and the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe, and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World. Plus he oversaw the addition of Marvel-inspired attractions around the globe; and the expansion of Disney Cruise Line with the announced construction of three new ships.
Between 2011 and 2015, Chapek was President of the former Disney Consumer Products segment where he drove the technology-led transformation of the company’s consumer products, retail and publishing operations. Before that, he served as President of Distribution for The Walt Disney Studios and was responsible for overseeing the Studios’ overall content distribution strategy across multiple platforms including theatrical exhibition, home entertainment, pay TV, digital entertainment and new media. Plus he also served as President of Walt Disney Studios Home Entertainment, where he drove the successful “vault strategy” for the company’s films and transformed the primary format of home entertainment from DVD to Blu-ray.
Prior to Chapek joining Disney in 1993, he worked in brand management at H.J. Heinz Company and in advertising at J. Walter Thompson. Chapek earned a B.S. in Microbiology at Indiana University Bloomington and an MBA from Michigan State University.
Key Quotes:
“Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”
– Bob Iger
“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees. Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation, and thoughtful risk-taking.”
– Bob Chapek
“The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.”
“Mr. Chapek will also benefit from the guidance of one of the world’s most esteemed and successful business leaders, Bob Iger. Over the past 15-plus years as CEO, Mr. Iger has transformed The Walt Disney Company, building on the Company’s history of great storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and Twenty-First Century Fox and increasing the Company’s market capitalization fivefold. Disney has reached unparalleled financial and creative heights thanks to Mr. Iger’s strong leadership and clear strategic vision. We believe Mr. Chapek’s leadership and commitment to this strategy will ensure that the Company continues to create significant value for our shareholders in the years ahead.”
– Susan Arnold, independent Lead Director of the Disney Board
