Disney’s board of directors issued a formal vote of confidence for CEO Bob Chapek after the former home entertainment executive abruptly fired Peter Rice, the media giant’s TV boss. Rice, who came to Disney in the $71.3 billion Fox acquisition, was reportedly seen as a possible successor to Chapek, whose contract comes up next February.
In a statement, Disney board chairwoman Susan Arnold said the strength of The Walt Disney Company’s businesses coming out of the pandemic remain a testament to Chapek’s leadership and vision for the company’s future.
“In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the board,” Arnold wrote.
The vote of confidence comes as Disney’s stock remains at a two-year low, and Chapek deals with the fallout of his controversial handling of Florida’s Parental Rights in Education legislation. Florida lawmakers have passed legislation that would strip Disney of its 55-year-old self-governing status in the state next year.
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