In a shocking move, Disney has reinstated Bob Iger as the CEO while Bob Chapek steps down from the role. Bob Iger served as the CEO of Disney from 2005 to 2020 while the then Chairman of Parks & Resorts Bob Chapek succeeded him as the CEO. On his exit as the CEO, Iger chose Chapek as his successor and remained as an executive chairman until December 2021

Iger released a statement to acknowledge his return as the CEO, which reads, “I am deeply honoured to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivalled, bold storytelling.” 

Bob Iger will serve as the CEO for the next two years while also searching for a suitable successor to hand over the baton. The move to replace Bob Chapek comes as Disney’s stock plummeted to the lowest it has been in over a decade. Reports suggest that Disney’s shares have lost around 40% of their value.

Susan Arnold, who serves as a chairperson on Disney’s Board announced the move through an official statement that says, “The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period.”

The statement, however, did not acknowledge Bob Chapek or his stance on the abrupt transition of power.