Bob Iger has returned to head the Walt Disney media company as Bob Chapek who had replaced him in 2020 steps down.
In a statement on Sunday night, chairman of the Board for Disney Susan Arnold thanked Bob Chapek for his great service as he guided the company through the pandemic, one of its most tumultuous periods in its 100-year history.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,”
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.” Susan Arnold said.
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Disney said Sunday that Iger has agreed to serve as CEO for two years with “a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
Iger in a statement on Sunday said he was honored to return as CEO.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,”
“Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”
“Deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.” Iger said.
The move to have Iger as the new CEO was surprising as Chapek had just renewed his contract to serve as CEO till 2025.
Disney’s stock has also taken a hit lately. It’s currently down roughly 40% this year.