Former Disney CEO Bob Iger is returning to move the leisure large, changing his successor Bob Chapek.
The shock information comes days after Disney’s inventory hit a 52-week low, falling 41 % thus far this yr.
In a press launch Sunday, Disney introduced Chapek was stepping down and Iger will serve two extra years as the corporate’s high government.
“We thank Bob Chapek for his service to Disney over his lengthy profession, together with navigating the corporate via the unprecedented challenges of the pandemic,” Susan Arnold, the corporate’s board chair, mentioned in a press release.
Arnold added that Iger, who led Disney for 15 years earlier than stepping down in 2020, has the “deep respect” of Disney staff and is “admired” by the corporate, which can assist them navigate new challenges.
“The Board has concluded that as Disney embarks on an more and more complicated interval of trade transformation, Bob Iger is uniquely located to guide the Firm via this pivotal interval,” Arnold mentioned.
Iger oversaw Disney via the acquisitions of Pixar, twenty first Century Fox and Marvel and the opening of the corporate’s first theme park in China.
He continued to function government chairman and chairman of the Board till the top of 2021.
In a press release on Sunday, Iger mentioned he was “optimistic for the way forward for this nice firm.”
“Disney and its incomparable manufacturers and franchises maintain a particular place within the hearts of so many individuals across the globe — most particularly within the hearts of our staff, whose dedication to this firm and its mission is an inspiration,” Iger mentioned.
Chapek, who joined Disney in 1993, was appointed as CEO in 2020. He was beforehand chairman of Disney’s parks, experiences and merchandise.