NEW YORK: Disney company on Sunday night announced that Bob Iger has taken over as Disney's CEO in place of Bob Chapek, with immediate effect.
Iger had a forty-year career with Disney before he retired in 2020 after serving as CEO for 15 years.
He was executive chairman up until 11 months ago, which was more recent.
According to Disney, Chapek has relinquished his role.
According to Susan Arnold, chairwoman of Disney, "The Board has agreed that Bob Iger is uniquely positioned to lead the company through this important era
as Disney embarks on an increasingly complicated phase of industry upheaval." Arnold will continue to serve as Disney's board chairman.
Even Iger admitted that he is returning "with an enormous sense of appreciation and humility — and, I must say, a touch of wonder" in a note sent to Disney employees on Sunday.
Iger will resume his previous position, but the board made it plain that his new tenure is only temporary.
Disney's board of directors said that Iger has agreed to serve as Disney's CEO for two years, with a mandate from the Board to set the strategic direction for renewed development and to work closely with the Board in developing a successor to lead the Company at the conclusion of his tenure.
Given that for much of the previous decade, a wave of executives was rumoured as potential successors, only to exit or be passed over, the resumption of the topic of "who will be Iger's successor?" is one that is expected to spark intense debate.
Iger expressed his excitement at being asked by the board to take over as CEO once more, saying, "I am incredibly optimistic for the future of this great company."
Disney purchased Pixar, Marvel, Lucas Film, and 21st Century Fox during Iger's time as CEO, and the company's market valuation more than doubled.
When Disney released its quarterly earnings a few weeks ago, it missed Wall Street estimates for both revenue and earnings per share, sending its stock down more than 40% in year to date and to a multiyear low.
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