Disney extended the contract of its CEO for three more years.
Three years after taking the reins from Bob Iger, his contract was set to expire. The board made a unanimous decision to extend the deal.
The CEO has had his ups and downs. The stock of Disney was not changed in after-hours trading.
Disney and the governor of Florida were at odds over comments made about the state's "Don't Say Gay" bill. The feud resulted in the repeal of Disney's Reedy Creek special district.
Peter Rice was fired as Disney's most senior television content executive. At the time, the board said that the company had its full backing.
Movie theaters and theme parks were among the industries that were forced to close due to the coronaviruses.
Without revenue from these divisions, the company was able to support Disney+. The success of shows like "The Mandalorian" had made the platform popular with consumers, so Chapek held fast to the company's goal of reaching 230 million to 260 million Disney+ subscribers by the end of the decade.
Disney had more than 138.7 million subscribers at the end of the second quarter.
Susan Arnold, chairman of the board, said in a statement Tuesday that Disney was dealt a tough hand by the Pandemic, yet with Bob at the helm, our businesses, from parks to streaming, not only survived the storm, but emerged in a position of strength. 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. Bob is the right leader at the right time, and the Board has full confidence in him and his leadership team.
He has worked for the company for 30 years and is its seventh CEO. He was in charge of Disney's parks, experiences and products division.
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