Walt Disney Co. CEO Bob Chapek will continue to lead Disney for three more years and receive an annual performance-based bonus of at least $20 million, the company’s Board of Directors decided Tuesday.
Chapek made about $32.5 million in 2021, according to media reports. His base salary of $2.5 million wasn’t changed for 2022.
During just over two years as CEO, 63-year-old Chapek has steered Disney through the COVID-19 pandemic, political feuds with Florida Gov. Ron DeSantis over the state’s so-called “don’t say gay” law and mounting criticism of Disney’s pricing model from fans.
Chapek’s tenure was unanimously extended during a weeklong company retreat to Orlando by the board. He has served in the executive position since February 2020, succeeding Bob Iger, and was formerly the chairman of Disney’s Parks, Experiences and Products division. He has worked at the company for almost three decades.
In recent months, Chapek received the brunt of criticism leveled at Disney over the company’s initially meager response to the Parental Rights in Education law, which expressly prohibits discussion of sexual orientation and gender identities in kindergarten through third grade classrooms but could restrict discussions in later grades.
LGBTQ+ advocates and critics, including some Disney employees, say the law that they call “don’t say gay” is discriminatory and vague, so it could outright restrict any discussion of gay and trans communities in schools. Some Disney employees walked out of work in March to protest Disney’s addressing of the bill.
Facing rising pressure to address the legislation, Chapek told shareholders the company quietly opposed the bill after it passed the Legislature, spoke with Gov. Ron DeSantis and issued an internal apology for the company’s initial reaction while suspending Disney’s political contributions in Florida.
DeSantis and the Legislature followed up by dissolving in 2023 the Reedy Creek Improvement District, which provides most government services to Disney World in Orlando.
A Disney news release did not mention the “don’t say gay” controversy, but it praised Chapek’s leadership during the pandemic.
“[W]ith Bob at the helm, our businesses — from parks to streaming — not only weathered the storm, but emerged in a position of strength,” Board Chairwoman Susan Arnold said in the release. “In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal.”
Chapek thanked the board for its support.
“Leading this great company is the honor of a lifetime,” he said. “… I am thrilled to work alongside the incredible storytellers, employees, and Cast Members who make magic every day.”
krice@orlandosentinel.com and @katievrice on Twitter
