Bob Iger is headed back to Disney.
appeared at a popular tech and media conference looking relaxed and extolling the benefits of being retired. After delaying his retirement for several years, the mogul had stepped down as CEO of Disney at the height of its success and installed longtime lieutenantas his successor.
“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,” Disney chairmansaid in a statement. She also thanked Chapek, who has stepped down from his role immediately, for his service to Disney.
The last few years haven’t been nearly so zen for Chapek, who's had to navigate a global pandemic that forced movie theaters to close, cruise ships to dock, and theme parks to turn guests away. More recently, investors have become frustrated by the mounting losses at Disney’s streaming business, an initiative that Iger spearheaded before he departed. After the company reported a $1.5 billion loss for the streaming division, which includes Disney+, its stock plummeted.
In a memo to Disney staff sent Sunday evening, Iger himself expressed surprise over the move. “It is with an incredible sense of gratitude and humility—and, I must admit, a bit of amazement—that I write to you this evening with the news that I am returning to The Walt Disney’s Company as Chief Executive Offer,” he said.
The Disney board has signed 71-year-old Iger to a two-year contract and plans to work with him to identify a successor for when his term ends. Iger told staff in his memo that they will hear more from him soon.
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