Bob Iger, the former chief executive officer of The Walt Disney Company, will return to the company in the same position.
The 71-year-old Iger agreed to stay at Disney for two more years. After 15 years as the company's CEO, he retired as chairman last year.
After taking over as Disney CEO in February 2020, he helped the company navigate the coronaviruses epidemic and related restrictions. Disney's attempt to boost investor confidence and profits at its streaming media unit was one of the reasons why shares have dropped more than 40 percent this year.
Iger said he was excited 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.
Iger said he was honored to be asked to lead the team again, with a clear mission focused on creative excellence to inspire generations.
The Disney+ unit lost over a billion dollars in the fourth quarter and hasn't turned a profit since it was launched. The service was expected to make money in the fiscal year that ended in 2020. Susan Arnold continues to serve as Chairman of the Board.
While the company's streaming division has struggled, Disney revealed earlier this month that its theme park division showed financial growth in the fourth quarter despite being temporarily closed in Florida due to Hurricane Ian.
Disney reported $7.4 billion in revenue from its parks, experiences and products department in the fourth quarter, an increase of 34%.
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