The Walt Disney Co. has announced the return of Bob Iger as Chief Executive Officer (CEO) of Disney, after he initially vacated the role back in 2020.
His successor Bob Chapek will step down from the position, effective immediately. Disney has released a statement regarding the matter.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board.
She added that the board believes Iger is the right person to lead Disney through a complex industry transformation. The news comes after CEO Chapek announced a fresh round of cost-cutting measures, including layoffs, hiring freezes, and travel restrictions.
The company’s stock price plummeted after Disney’s latest quarterly earnings report revealed a $1.5 billion loss in the streaming sector.
Iger contract as CEO will last for 2 years. Previously, Iger had been with the company from 2005 to 2020. During his time there, he saw multiple deals and acquisitions that brought in a huge amount of success.
He managed to acquire Pixar, Lucasfilm, Marvel and 21st Century Fox when he was working there. Other than that, he also saw the launching of Disney+ streaming service.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said. Iger also said that he was honored to be asked to lead the again.
Sources: IGN SEA, The Walt Disney Company