Bob Iger Returns To Replace Bob Chapek As Disney CEO

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Bob Iger Returns To Replace Bob Chapek As Disney CEO
Credit: Disney

There is no doubt that The Walt Disney Company is one of the biggest studios in Hollywood and in a shocking turn of events, previous Chief Executive Officer Bob Iger returns to helm the leadership role in the corporation shortly after he retired, replacing Bob Chapek as the CEO.

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In a statement released by the Chairman of the Board for Disney, Susan Arnold announced that Bob Iger will be back as the CEO of The Walt Disney Company, “As Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”

Arnold added, “Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide—all of which will allow for a seamless transition of leadership.”

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Arnold also thanked Bob Chapek for his service to the company, "We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic.”

Bob Chapek, successor of Bob Iger, immediately stepped down from the position.

In the same statement, Bob Iger personally expressed his excitement with his return as the CEO of Disney, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO."

"Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration," Iger added.

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Iger further explained, "I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

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For 15 years, from 2005 to 2020, Bob Iger stood as the CEO of The Walt Disney Company, helping the corporation to become one of the most successful companies in the whole world especially with their vision through creatives, technology innovation, and the growth of the company.

Under the leadership of Bob Iger, Disney expanded with their acquisition of huge studios such as Marvel, Lucasfilm, Pixar, and 21st Century Fox. With his return, everyone's eyes are on him on how he will handle the company once more and lead it to a brighter future.

The return of Bob Iger as CEO, however, is not permanent. He only agreed to serve as the CEO for two years and with it comes the mandate of the Board for him to develop a successor by the end of his turn and to steer the ship of Disney into a "strategic direction for renewed growth."

Investors are also happy with the news. In a report from Variety, the shares of Disney rose more than 8% following the announcement of the return of Bob Iger as the CEO of the company.

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This is great news for Disney following the news two weeks ago on their quarterly report as they revealed that the company suffered their lowest share prices in two years. In addition, the company was also hit with an operating loss of $1.47 billion on Disney+, ESPN+, and Hulu.