The Walt Disney Company has announced that Bob Iger will resume his role as CEO of Disney with immediate effect.
Iger has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth. He will work closely with the Board to develop a successor to lead the Company at the end of his term.
Iger spent more than four decades at the Company, including 15 years as its CEO, before stepping down in February 2020. In an interview with CNBC’s David Faber, Iger said he knew it was time to leave Disney as he had become “a little bit more dismissive of other people’s opinions”.
Bob Chapek steps down
Bob Chapek has stepped down after 33 months as CEO. His time at the helm has taken him through some challenging times, including the pandemic, concerns of profitability at Disney+ and the controversy over Florida’s “don’t say gay” laws. The company’s market value has declined by more than 40% during 2022.
Susan Arnold, Chairman of the Board, said in a statement:
“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.
“Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide—all of which will allow for a seamless transition of leadership.
Iger returns as Disney CEO
Iger led the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox, and continued to direct Disney’s creative activities up to his resignation as Executive Chairman in December of last year.
With a strategic vision centred on creative brilliance, technical innovation, and global expansion, he helped to increase Disney’s market capitalisation fivefold during his 15 years as CEO, from 2005 to 2020.
In a statement announcing his return, Iger says, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
