Bob Iger to Return as Disney CEO as Bob Chapek Immediately Steps Down


Former Disney CEO Bob Iger is once again returning to the company, after Bob Chapek announced that he is immediately stepping away from the position.

As one of the most successful CEOs in Disney’s history, the news is currently making waves across Hollywood.

Bob Iger Re-Joins Disney as CEO as Bob Chapek Steps Down

Reports from CNN indicate that Bob Iger is returning as CEO of Disney, after current CEO Bob Chapek announced that he is immediately stepping down from the position.

In a statement obtained by CNN, it reads,

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. “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.”

Interestingly, CNN also notes that Disney just recently renewed Chapek’s contract for three years. With his new contract starting back in July, it was set to run until 2025. The company’s board of directors approved the renewal unanimously.

According to reports, the news brought Disney shares up by 9% after seeing a 36% loss in value throughout the year.

Additionally, the report also mentions that Disney is going through a time of “great evolution”, stating that while the company showed growth within streaming services, its earnings report was overall lackluster. Reports indicate that Disney’s streaming business lost a staggering $1.5 billion in the fourth quarter, causing the company’s stock to tumble further.

The Long Road Ahead

During his time with the company, Chapek guided Disney through the COVID-19 pandemic. Additionally, Chapek’s tenure, while short, found himself battling the company’s largest star, Scarlette Johansson, over issues with pay. Chapek also found himself in the middle of Disney’s battle with Florida regarding their stance on LGBTQ topics in classrooms. According to CNN, Chapek spent weeks going “damage control” after failing to respond on the issue in a timely manner.

On Sunday, Disney announced that Iger will serve as CEO of the company for two years. Iger will take on the responsibilities of helping the board “set the strategic direction for renewed growth” while also looking for a successor by the completion of his term.

“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 in a statement Sunday. “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.”

What do you think about Iger returning to Disney? Let us know in the comments.

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