In a stunning reversal, Disney announced Sunday night that Chief Executive Bob Chapek was out, and will be replaced by his predecessor, Robert Iger.
In a stunning reversal, the Walt Disney Co. DIS, +0.38% announced Sunday night that Chief Executive Bob Chapek was out, and will be replaced by his predecessor, Robert Iger.
Iger served as Disney’s CEO from 2005-2020, and has served as executive chairman and chairman of the board since 2021. Over his 15-year tenure as CEO, Disney rebuilt itself as a media powerhouse, with the acquisitions of Pixar, Marvel, LucasFilm and 21st Century Fox. Earlier this month, Disney stock suffered its worst day since 2001 following what one analyst termed a “massive earnings downgrade,” after the company in its fourth-quarter earnings report forecast a significantly softer-than-expected, single-digit growth in the coming fiscal year, far below analysts’ consensus view of 25% growth.
Iger announced he was stepping down in February 2020, with Disney saying at the time he would continue to “direct the company’s creative endeavors.”
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