Bob Iger returns as Disney CEO

In an extremely shocking development Bob Chapek has been ousted as the Disney CEO with his predecessor returning to take the reins. Iger served as the CEO for 15 years before retiring and handing Bob Chapek the keys of the kingdom.

Bob Chapek, who replaced Iger in 2020 as CEO, is stepping down immediately.

“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.”

Disney’s stock has also taken a beating in the short term. It’s currently down roughly 40% this year.Disney’s board sent out an official announcement noting the swap without elaborating too much on Chapek’s exit and establishing that Iger, who worked for Disney for over 40 years, has agreed to return as CEO for two years.

Over the next two years, Iger will work closely with the board to find an appropriate successor to lead Disney moving forward. Chapek’s exit comes as a surprise as he has served the company for just over two years and his contract was “unanimously” renewed till 2025 in June this year.