Walt Disney Extends CEO Bob Chapek's Term For 3 Years

Walt Disney CEO Bob Chapek's term has been extended for three years after the company board extended his contract, as per media reports.

Chapek's contract was to get over in February.

In a statement, Walt Disney board chair Susan Arnold said that Chapek "not only weathered the storm but emerged in a position of strength". Arnold was referring to the disruptions caused by the pandemic.

According to media reports, Disney shares saw a 0.5% increase on Tuesday although it has seen a nearly 40% decline this year.