In a shocking development, Bob Iger was named CEO of Disney

CNN Business

In a move that shocked Hollywood, Bob IgerOne of the most remarkable CEOs in history Walt Disney The company returns to run a media empire.

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

“We thank Bob Chabeck for his long career of service to Disney, including guiding the company through the unprecedented challenges of the pandemic,” Disney board chairwoman Susan Arnold said in a statement Sunday night. “As Disney embarks on an increasingly complex industry transformation, the Board has decided that Bob Iger is uniquely positioned to lead the company during this important period.”

The announcement, while surprising to the media, comes at a time of great evolution for Disney. Company exits a A lackluster earnings report It also showed growth for its streaming efforts. However, it came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. The report sent Disney shares tumbling after a year of lackluster performance.

Chapek led the company through the pandemic, one of its most tumultuous periods in its nearly 100-year history, but ultimately Disney decided its future was in better hands with Iger.

Away from the pandemic, Chabeck had a short but uneventful tenure as Disney’s chairman. Chabeck, who served as president of Disney Parks, Experiences and Products before taking over for Iger, found himself dealing. Salary issues with Scarlett JohanssonDisney’s battles with Florida, one of the company’s biggest stars, and its own employees The state’s controversial bill Limits some LGBTQ topics in the classroom.

Disney’s stock has also taken a hit recently. It is now It’s down about 40% this year.

As for Iker, he has almost mythic status as the head of Disney

. He spent 15 years as CEO and was instrumental in acquiring major brands such as Pixar, the home of Star Wars, Marvel and Lucasfilm. Iger also closed a $71 billion deal to buy most of 21st Century Fox and started a streaming revolution at Disney.

with Creation of Disney

(DIS)+ In November 2019.

Iger was at Disney as executive chairman, directing the company’s creative efforts. He officially left the company late last year after nearly 50 years.

Disney said Sunday that “Iger has agreed to serve as CEO for two years with the board’s mandate to set a strategic direction for renewed growth and work closely with the board to develop a successor to lead the company when his term ends.”

This move from Chapek is also surprising has renewed his contract. The company said in June that the company’s board of directors voted unanimously to extend Sebek’s contract as CEO for another three years. Chapek’s new contract began in July and runs until 2025.

Also, Iger appeared to be retiring as one of Disney’s most notable and successful CEOs. Now, he is back.

“I am very optimistic about the future of this great company and am delighted to have been asked by the board to return as its CEO,” Iger said in a statement Sunday. “Disney and its inimitable brands and franchises hold a special place in the hearts of many people around the world—especially in the hearts of our employees, whose commitment to this company and its mission is an inspiration.”

“I am deeply honored to be asked to once again lead this remarkable team with a clear mission focused on creative excellence that inspires generations through unparalleled, bold storytelling,” added Iger.

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