Bob Chapek Disney Wiki – Biography
Bob Chapek, a 27-year Disney veteran who most recently led the company’s massively important parks and consumer products business, was named Iger’s successor, effective immediately.
Iger, 69, has assumed the role of executive chairman, the company said. In that role, he will direct the Burbank entertainment giant’s creative endeavors and help guide the company’s board through the leadership transition until the end of his contract on Dec. 31, 2021, Disney said in a statement.
Disney’s CEO succession plan was the subject of speculation for years as Iger delayed plans to leave the company. Disney’s board last extended Iger’s contract in December 2017, when Disney announced that it was buying much of 21st Century Fox from Rupert Murdoch. As part of those negotiations, Murdoch requested that Iger stay on to run the company rather than leave when he’d planned.
Bob Chapek Disney Age
He is 60 Years old.
After stints in marketing and advertising, he joined Disney in 1993, working his way up through the ranks to become president of Disney’s home entertainment division, where he spearheaded the company’s “vault” strategy for classic animated titles.
Chapek got a big promotion in 2015, when was tapped to run Disney’s parks and resorts business, which was later combined with the company’s consumer products group. It’s the company’s largest business segment, with operations around the globe and more than 170,000 employees.
Chapek has overseen a major expansion of Disney’s parks business, including the recent addition of the two ambitious Star Wars: Galaxy’s Edge attractions at Disney’s parks in Anaheim and Orlando, Fla.
Both Star Wars expansions were met with mostly positive reviews, but Disney also faced early criticisms for the way it handled crowding at the parks after opening.
In 2016, Disney opened a $5.5-billion, nearly 1,000-acre Shanghai Disney Resort in the burgeoning China market.
Disney’s parks have recently taken a hit from the spread of the coronavirus in China, which has effectively shut down the tourism and entertainment businesses there. Disney in a recent earnings call estimated the closure of its Shanghai and Hong Kong parks would result in a $175-million reduction in second-quarter operating income.
Among Disney fans, Chapek has taken the heat for annual price increases of as much as 18% for annual passes, 9% for daily tickets and 25% for parking.
As the company’s new CEO, Chapek will directly oversee all of the company’s business segments and corporate functions. Chapek will report to Iger and the board of directors and will be appointed to the board at a later date.
“I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the company’s creative endeavors,” Iger said in the statement.
Disney’s revenue surged in fiscal 2019, but earnings were crimped by big spending on streaming initiatives, including Disney+. Net income totaled $10.4 billion for the year, down 17% from fiscal 2018. Sales increased 17% to $69.57 billion.
The company’s streaming business has enjoyed a strong start, with 28.6 million paying subscribers for Disney+ since the Netflix rival launched in November.
Another big part of Disney’s direct-to-consumer strategy is Hulu, which the company took operational control of last year. Disney recently integrated Hulu more closely into its business, leading to the exit of Hulu’s CEO Randy Freer.
Bob Chapek holds a Bachelor’s Degree in Microbiology from Indiana University Bloomington and an MBA from Michigan State University.
Bob Chapak’s wife is cindy Chapak born Cynthia Ann Ford.
Bob Chapak and his wife cindy Chapak have three children, Kimberly Ann, Brian Alan, and Kelly Marie.
Chapeck’s contract as the new Disney CEO will run until Februray 28, 2023, with an annual salary of $2,500,000. He will also have a target bonus of $7.5 million, with an annual long-term Incentive grant of $15 million.