Bob Iger returns as Disney CEO in shocking upheaval
What’s old is new at Disney (dis) — Bob Iger officially returns as CEO.
In a shocking turn of events, The media giant announced late Sunday that Iger will return to lead the company as chief executive officer, effective immediately.
Iger replaced Bob Chapek, who resigned after less than three years on the job.
Iger has worked for more than four decades at Disney, including 15 years as CEO.
According to the company, Iger will serve as CEO for two years, with the mandate from the Board of Directors to “set the strategic direction for new growth and work closely with the Board in develop a successor to lead the Company at the end of his term”. .”
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal period,” said Susan Arnold, chair of the board. Disney executives, said in a press release.
The news comes just months after Disney’s board of directors unanimous vote in June to extend Chapek’s contract for a further three years, through 2025. At the time, the board noted that Chapek’s leadership was essential in helping the company navigate the difficulties. caused by the pandemic.
However, his tenure was controversial – from political battle and A-list talent problem arrive controversial reorganization and the ever-present shadow of Iger, who spoke out against some of Chapek’s decisions.
Since Chapek took over as CEO of Disney in late February 2020, Disney’s stock has fallen about 19%; The S&P 500 is up about 34% over the same period.
“I am extremely optimistic about the future of this wonderful company and am delighted to be asked by the Board of Directors to return as CEO of the company,” Iger said in the press release.
“Disney and its one-of-a-kind brands and franchises hold a special place in the hearts of so many people around the globe—especially in the hearts of our employees, who I am extremely honored to be asked to once again lead this remarkable team, with a clear mission to focus on excellence. creativity to inspire generations through bold, unparalleled storytelling,” he concludes.
Alexandra is a Senior Media and Entertainment Correspondent at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at [email protected]
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, flip chart, LinkedInand YouTube