Disney's shares jumped in premarket trade Monday after the company replaced its CEO with Bob Iger.
Disney stock increased in value on Monday. The company's shares fell about 40% so far this year.
The company's performance in recent months has come under increased scrutiny and criticism. The company's shares plummeted after its most recent quarterly earnings report arrived with a thud. Disney would try to cut costs through hiring freezes, layoffs and other means, according to a memo sent to his lieutenants three days after the report.
Business people were shocked by the decision to replace Chapek with Iger. Iger, who worked for 15 years as Disney's chief, had said previously that he would not return to the job, as he pressed his reorganization vision for Disney.
Disney had to shut down its theme parks and keep its movies out of theaters for months due to the Covid epidemic. With Iger still serving as chairman through December of last year, the company's stock rose to just above $200 at one point.
Disney's share price has fallen since then. The closing price was below $100 on Friday.
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