Bob Iger is returning to the role of CEO at Walt Disney (NYSE: DIS) – a surprising development after Bob Chapek’s sudden exit from the top spot.
The move is effective immediately, Disney says.
Iger will serve as the CEO of Disney for two years, Disney says, “it is the responsibility of the Board to establish new strategies for growth and to work with the Board in creating a successor to lead the Company in the completion of its mission.”
“The board has determined that as Disney embarks on a critical period of corporate transformation, Bob Iger has the responsibility to lead the company through this important time,” said Chairman Susan Arnold.
Iger left Disney as executive chairman 11 months ago, although he delayed his departure from Disney amid the disruption of the COVID-19 pandemic — and his continued presence at the company has reportedly caused friction as Disney tries to move forward with new leadership.
Iger will not take the chairman’s seat, which will be left by Susan Arnold.
A Disney legend, Iger was CEO/Chairman for 15 years (from 2005-2020) and then executive chairman and chairman of the board until 2021.
Disney posted a strong third quarter financial report in June, but the fourth quarter brought a new slide as the continued strength of the parks could not offset the decline in revenue and profit from media.