Bob Iger is returning to head Disney as Bob Chapek steps down

Bob Iger will return to head the company as Bob Chapek steps down. Iger left the company last year. He will be the CEO for the next two years.

Bob Chapek was a long time employee of Disney and helped navigate the company through the Pandemic. Chairman of the Board Susan Arnold said in a letter that Bob Iger is uniquely positioned to lead the Company through this pivotal period.

A seamless transition of leadership will be possible because Mr. Iger has deep respect for Disney's senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago.

The company said that Arnold will remain as a chairman.

Iger served as Disney's CEO from 2005 to 2020 before stepping down and handing over the reins to Chapek. The company has a three-year extension contract with Chapek.

Iger was excited to come back to Disney and was optimistic about the future.

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. He said in a statement that he was honored to be asked to lead the team again.

Iger was in charge of major acquisitions like Pixar and 21st Century Fox. The returning CEO sent an email to the Disney staff saying they will hear more about this move from the leadership.

At the time of writing, the company's stock value has fallen by more than 40%. He was criticized for not opposing the anti-gay bill in Florida. Peter Rice, the company's senior content executive, was fired and the company passed up the chance to get digital rights to stream the Indian premier league cricket tournament.

The company had a revenue of $20.2 billion in the third quarter of the year, but missed analyst expectations. Christine McCarthy, Disney's CFO, said that the entertainment company wants to achieve profitability by the fiscal year 2024. The target for global Disney+ subscribers was changed from 260 million to 215 million.