California, US: According to the reports from global entertainment and experiences giant, Walt Disney, former executive, Mr. Bob Iger is returning to head the company as Mr. Bob Chapek is stepping down from the CEO post. Mr. Bob Chapek has been the CEO of the company since 2020.
Disney shares have dropped by more than 40 percent this year and the company has invested billions of dollars into its loss-making streaming service Disney Plus.
Mr. Iger is set to take the command immediately and is expected to serve as the CEO of the company for two years.
We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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.
Ms. Susan Arnold, Chairman of the Board, remarked.
Mr. Iger was Disney’s CEO for 15 years, from 2005 to 2020, before stepping down and handing over the reins to Mr. Chapek.
It was during his tenure as chief executive that Disney bought animation studio Pixar, comic book company Marvel, the home of Star Wars, Lucasfilm, and Mr. Rupert Murdoch’s 21st Century Fox.
Mr. Iger stated upon his return that he is deeply honored to be asked to lead this remarkable team once more, with a clear mission focused on creative excellence to inspire generations through unrivalled, bold story telling.
The company declared that there is no change in the board and Ms. Arnold will continue to serve as the Chairman.
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