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Bob Chapek

Disney CEO Bob Chapek’s Contract Renewal Includes Annual $20 Million Bonus

CEO of the Walt Disney Company Bob Chapek took on this top-level position when Bob Iger transitioned into a Chairman position at the beginning of 2020. Chapek’s time thus far as CEO has been characterized by some of the most difficult months the company has faced with the temporary closures of all theme parks due to the COVID-19 pandemic, followed by a tense relationship with the DeSantis administration in Florida.

With a focus on streaming and digital media, and controversy over theatrical vs. Disney+ releases for new movies, as well as changes to the Walt Disney World Resort and Disneyland Resort, Chapek has become the subject of criticism for many fans over the past couple of years.

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Credit: Disney

Last week, the Walt Disney Company Board of Directors unanimously voted to extend current CEO Bob Chapek’s contract, and earlier this week, the details of the CEO’s contact extension have been released in the latest SEC filings.

According to the previous announcement by chairman of board Susan Arnold, Chapek’s contract has been extended an additional three years beginning at the start of this fiscal year, July 1, 2022. As part of the contract, Chapek has been given a long-term incentive award that will amount to at least $20 million annually for the duration of his extended contract.

Bob Chapek

Credit: Disney

The extension does point out that Chapek’s stock units (which are performances-based) will be increased to 60% and that the listed awards do not amount to a guaranteed amount of compensation but rather the potential based on a variety of factors.

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Credit: D23

While some fans may be critical of Chapek’s work as CEO so far, it is worth pointing out some of the successes that have occurred since he took on this position, including the launch of the Star Wars: Galactic Starcruiser, initial work on Disney Storyliving Communities, EPCOT’s continued reimagining, the newest Disney Cruise Line ship, new Disney Vacation Club accommodations, and massive increases in Disney+ subscribers and viewership.

We will be back here on DisneyTips with additional updates from the Walt Disney Company as we have them.

About Brittany DiCologero

Brittany is a New England-based writer focused on the history of the Walt Disney World Resort. She is the author of "Red, White, and Disney: The Myths and Reality of American History at the Walt Disney World Resort," and "Brittany Earns Her Ears."