The man is Bob Iger.
Disney said it had re-appointed Iger as CEO, effective immediately, after Iger's successor as CEO, Bob Chapek, came under fire for his management of the entertainment giant.
Iger told employees in an email that he was returning to The Disney Company as Chief Executive Officer.
The dramatic upheaval comes 11 months after Iger left Disney and days after he said he planned to cut costs at the company. The company's earnings release was much worse than expected. The company's theme park business, which reported a surge in revenue, delivered less than analysts had expected.
As legacy media companies contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming, Iger's return comes at a good time.
Disney said that Iger would help develop a new successor.
Iger had previously stated that he wouldn't return to the role of chief executive.
The shares of Disney have fallen a lot this year. The stock went to a low on November 9.
Disney said Sunday that Iger has signed on to work as CEO for two years with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the end of his term.
The company said that they had a new leader. Covid-19 caused the shutdown of Disney's theme parks and prevented movies from being released in theaters for a period of time in the early 2020s. The company's stock plummeted in recent months after it soared in the first place.
Susan Arnold, Disney's board chair, said, "We thank Bob for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the Pandemic." She will stay in that position.
According to a memo CNBC obtained earlier this month, a hiring freeze, cost cuts and layoffs were planned by the company's CEO. The company had a poor earnings report.
Iger was the CEO of Disney for 15 years. Their conflict cast a shadow over the company's future as they fell out. The new approach to streaming prices for Disney+ and other Disney channels was one of the decisions that distanced him from Iger.
Iger is well-liked at Disney. He was in charge of the deals to acquire Pixar, Lucasfilm and its "Star Wars" properties.
The company's Walt Disney World resort is located in Florida where the "Don't Say Gay" law was enacted. He received a lot of backlash from Republican politicians who opposed it. He came under fire for his handling of the controversy over the pay for "Black Widow" actresses.
Iger sent an email to Disney workers.
I would like to send a letter to my fellow employees and cast members.
I am writing to you this evening to let you know that I am returning to The Walt Disney Company as CEO.
The creative success of our teams across our Studios, Disney General Entertainment, Disney and International, the rapid growth of our streaming services, the phenomenal reinvention and rebound of our Parks, the continued great work of ABC News, and so many other achievements across our businesses, I am in, when I
I know this company has asked a lot of you during the past three years, but as you have heard me say before, I am an optimist, and if I learned anything from my time at Disney, it is that even in the face of uncertainty.
In the weeks ahead, you will hear more from me and your leaders. Allow me to thank you for what you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission is an inspiration to me every single day.
Bob Iger is the CEO of Disney.
You can read Disney's full announcement here.
Robert Iger will return to lead Disney immediately. Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney's CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth. Bob Chapek stepped down as Mr. Iger's boss.
The Chairman of the Board said, "We thank Bob for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the Pandemic." Disney is embarking on an increasingly complex period of industry transformation and Bob Iger is uniquely positioned to lead the Company through this crucial period.
She said that Mr. Iger has the deep respect of Disney's senior leadership team, most of whom he worked closely with until his departure as executive chairman.
Ms. Arnold is still the Chairman of the board.
Iger said he was excited to be asked to return as the company's CEO. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe, and especially in the hearts of our employees, who are dedicated to this company and its mission. I am honored to once again lead this amazing team, with a clear mission to inspire generations through bold, creative stories.
During his 15 years as CEO, Mr. Iger helped build Disney into one of the world's most successful and admired media and entertainment companies. During his time as CEO, he acquired Pixar, Lucasfilm, and 21st Century Fox, as well as increasing the company's market cap by fivefold. A testament to his leadership and vision, Mr. Iger continued to direct Disney's creative endeavors until he left as Executive Chairman last December.
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