Disney's Bob Chapek takes Magic Kingdom's throne, but who is he?

Disney’s Bob Iger out as CEO

Walt Disney CEO Bob Iger is reportedly stepping down from his role immediately and has named Bob Chapek as the new CEO.

After Disney CEO Bob Iger announced last year that he intended to depart the media giant by the end of 2021, the public has been left to wonder who his successor would be. As of Tuesday afternoon, it was revealed that longtime Disney Chairman Bob Chapek has taken over Iger’s coveted role.

Continue Reading Below

Bob Chapek (The Walt Disney Company)

As the new CEO of The Walt Disney Company, Chapek will be leading the company’s beloved brands, including Disney, Pixar, Star Wars, ESPN and Marvel. He will report directly to Iger, who remains as Disney’s Executive Chaiman, and the company’s Board of Directors.

Ticker Security Last Change Change %
DIS WALT DISNEY COMPANY 128.19 -4.82 -3.62%

According to The Hollywood Reporter, Chapek's new contract began on Feb. 24 and ends on Feb. 28, 2023, with his annual base salary increasing to $2.5 million. Last year Iger’s compensation package was $47.5 million according to SEC filings (He earned $3 million in salary; a $21.8 million bonus, plus another $10 million in stock awards and $9.6 million in stock options).

DISNEY DOUBLES STREAMING USERS

Chapek has been employed by Disney for nearly three decades and has been an instrumental part of the company’s guest and consumer experience, according to an officially released statement.

Prior to being named as the seventh CEO of Disney in its 91-year history, Chapek was the Chairman of Disney Parks, Experiences and Products, which was established in 2018, as well as Chairman of Walt Disney Parks and Resorts since 2015.

Throughout his tenure, he worked on building Disney’s travel and leisure businesses throughout its six resort destinations in the U.S., Europe and Asia. Chapek was particularly a powerful force in the opening of the Shanghai Disney Resort – which was one of the largest investments and expansions the company has taken on in its 60-year resort history.

He also oversaw growth initiatives at the company’s Disney Cruise Line, guided family vacation group Adventures by Disney and Vacation Ownership Program via the Disney Vacation Club.

DISNEY OPENING STAR WARS HOTEL IN FLORIDA

Last year, Chapek introduced the public to the opening of Star Wars: Galaxy’s Edge at Walt Disney World and Disneyland Resorts. Outside of interactive Lucasfilm attractions, Disney credits Chapek for the growth of Marvel-inspired attractions across the globe.

Other strategies he employed across Disney Parks were focused on guest experience, visitor demand, franchise integration and refreshed attractions.

When Chapek was the head of Disney Consumer Products, he ran global product operations such as licensing for official merchandise in toys, apparel, publications, home goods, digital platforms and more. He also led Disney Store locations globally and Disney’s e-commerce platform shopDisney.

DISNEY HEIRESS ABIGAIL DISNEY SAYS SHE WAS ‘LIVID’ ABOUT WORKER CONDITIONS AT THEME PARK

For a time, Chapek was Preside of Distribution for The Walt Disney Studios, where he managed the company’s film distribution. He later took on the same title as President of Walt Disney Studios Home Entertainment, where he worked to commercialize the company’s film business.

Besides driving profits across different segments of Disney, Chapek has worked on boosting employee experience with programs in career development, education, health care, child care, military appreciation and diversity and inclusion.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In terms of philanthropy, he is a Board Member of the Make-A-Wish Foundation on behalf of Disney.

Ticker Security Last Change Change %
KHC KRAFT HEINZ COMPANY 26.07 -0.56 -2.10%

Before starting his career at Disney, Chapek worked in brand management at the H.J. Heinz Company. He gained experience in advertising at the marketing communications firm J. Walter Thompson.

CLICK HERE TO READ MORE ON FOX BUSINESS

Chapek is an alumnus of Indiana University Bloomington and Michigan State University, where he earned his degree in microbiology and an MBA, respectively.

Source: Read Full Article