Disney CEO Bob Chapek has been elected to The Walt Disney Company’s board of directors. The move comes just a month and a half after he was named Bob Iger’s successor.
“Bob Chapek has demonstrated remarkable leadership in the face of unprecedented challenges that were unimaginable when he became CEO just seven weeks ago,” said Susan Arnold, independent lead director of the Disney board, and Bob Iger, executive chairman and chairman of the board, in a joint statement. “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.”
The addition of Chapek to Disney’s board of directors was outlined in a February 24 filing with the Securities and Exchange Commission. The filing noted the employment deal “provides for Mr. Chapek to be elected as a member of the Board at a time to be determined by the Board and to be nominated for re-election to the Board during his tenure as Chief Executive Officer.”
Challenging Times During a Shift in Power
Chapek’s addition to the board comes days after Disney executive chairman Bob Iger announced he had reasserted control over The Walt Disney Company due to the coronavirus pandemic putting intense pressure on Disney’s operations.
“A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!” Iger said in an email to the New York Times.
Storming the Magic Kingdom
In the weeks since Chapek’s appointment as CEO, Disney began charting turbulent waters due to the coronavirus pandemic. The company has taken a huge financial hit due to shuttering retail stores, theater chains remaining closed, shutting down film and TV productions, canceled sporting events that negatively impacted ESPN, suspending services of the Disney Cruise Line, and the indefinite closure of all of Disney’s theme parks.
In response to the company’s financial fleet coming to a sudden halt, Disney reported that Chapek would take a 50 percent pay cut and Iger would forgo his entire salary amid the coronavirus pandemic. It was also reported that Disney would begin furloughing tens of thousands of employees across all of Disney’s business units, and impacted staffers would receive “full health care benefits” during this time.
A Bright Spot in the Storm
It’s not all bad news for Disney. On April 3, the Disney+ streaming app launched in India and overtook the global streaming video leader, Netflix. It’s a feat no other competitor has accomplished.
MiceChat also reported that Disney+ surpassed 50 million paid subscribers due to service rollouts in international territories. These included the UK, Germany, Spain, India, Italy, Austria, and Switzerland. The French government’s concern that Disney+ would put too much strain on bandwidth caused the service’s launch to be delayed in that country. However, the app is now available to customers in that region.
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Let’s Hear From You
What are your thoughts about Chapek’s ascension to Disney’s Board of Directors? How do you think this decision will affect the direction of The Disney Company? Let us know your thoughts in the comments below.