Bob Iger returns as Disney's CEO, replacing Bob Chapek

Bob Iger is the new CEO of the Disney Company.

Iger had been Disney's CEO for fifteen years.

Iger will serve as Disney's CEO for two years, with a mandate from the board to develop a successor to lead the company at the end of his term.

Disney board chair Susan Arnold said in a statement that "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."

Arnold thanked Chapek for his service to Disney, including navigating the company through the unprecedented challenges of the Pandemic.

The chairman of Disney's parks, experiences and products division was promoted to CEO. Disney gave him a three-year extension. His CEO contract was due to end in February.

Arnold said that Disney's board decided that Bob Iger was the best person to lead the company through this important period.

As marketing director of Walt Disney Studios Home Entertainment, he worked for 29 years at Disney. He was named chairman of the parks division in 2015.