Disney board reached out to Iger on Friday following concerns over earnings

CNBC reported Monday that Disney's board reached out to Bob Iger on Friday without any other serious candidates in mind.

After Disney's most recent quarterly earnings report, the board reached out to Iger and discussed replacing him.

The board didn't want to put someone new in that position because of all the pressures on the company.

Iger will become Disney's new chief executive immediately. The last few years have seen a lot of criticism of Disney's management. The notification was given on Sunday night.

Disney reported fiscal fourth-quarter earnings that were disappointing. The company warned that it's strong streaming numbers would likely go away in the future. Disney will cut costs through hiring freezes, layoffs and other measures, according to the Disney executive.

On Monday, the company's shares rose 9% after the news of a new leader.