Bob Iger is returning to The Walt Disney Company as CEO effective immediately, replacing his successor Bob Chapek, who has resigned from his position, Disney announced Sunday night.
The surprising and unexpected move comes as Disney’s stock has fallen 41% since the start of the year, even though every other entertainment stock has declined similarly. The board’s revolutionary decision was followed by nearly a week of dismal Q3 earnings for Disney.
Iger has agreed to serve as Disney’s CEO for two years, with the board tasked with setting strategic direction for new growth and developing a successor to lead the company upon completion of his term. With a mandate to work together.
“We thank Bob Chapek for his service to Disney over his long career, which has included navigating the company through the unprecedented challenges of the pandemic,” said board chair Susan Arnold. “The board has concluded that Disney is poised for an increasingly complex period of industry transformation, with Bob Iger uniquely positioned to lead the company through this critical period.”
“Mr. Iger deeply respects Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and is greatly admired by Disney employees around the world.” is — all of which will allow for a seamless transition of leadership,” he said.
The position of chairman of the board remains unchanged, with Arnold serving in that capacity.
“I am extremely optimistic for the future of this great company and am thrilled to be asked by the Board to return as its CEO,” said Iger. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the world – especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. Unique, bold storytelling I am deeply honored to be asked to lead this remarkable team again, with a clear mission focused on creative excellence to inspire generations through innovation.
Iger returns after serving as Disney’s CEO for 15 years from 2005 to 2020, during which he oversaw the acquisitions of Pixar, Marvel Studios, Lucasfilm and 21st Century Fox. He was a famously popular CEO—his departure date was delayed several times—which was in stark contrast to Chapek, whose decisions often rankled Disney employees, shareholders, and fans.
Chapek became CEO in February 2020 after previously serving as president of Parks & Resorts and previously as president of consumer products. His tenure was marked by several missteps, including Scarlett Johansson’s poor pay lawsuit involving the streaming release of “Black Widow.” Chapek initially chose to remain silent about Florida’s “Don’t Say Gay” bill, which angered many employees.
Most recently, Chapek announced impending job cuts and a hiring freeze for Disney through 2023.
In June, the Disney board reaffirmed its commitment to Chapek by extending his contract for three years. Obviously, as 2022 approached, the board changed its mind.
