Disney has replaced its CEO Bob Chapek with his predecessor, Bob Iger, effective immediately, the company announced on Sunday night.
Iger was CEO for 15 years before stepping down in 2020, as part of a career at Disney that spanned four decades. More recently, he served as executive chairman until 11 months ago.
Chapek has resigned from his position, Disney said.
Disney chairman Susan Arnold said, "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.” Arnold will remain chairman of Disney's board.
"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.
During Iger's tenure as CEO, Disney acquired Pixar, Marvel, Lucasfilm and 21st Century Fox and its market capitalization increased fivefold. Disney's stock is down more than 40% year to date and it slid to a multiyear low when it reported earnings weeks ago when it missed on Wall Street expectations for both revenue and earnings per share.
