Bob Iger Returns As Walt Disney Co.'s CEO

BURBANK, CA — Former Walt Disney Company CEO Bob Iger returned as Disney's chief executive officer effective Sunday evening. The stunning move was a surprise for employees and stockholders, and it comes just months after the company extended a three-year contract to CEO Bob Chapek, who stepped down Sunday.

"I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO," Iger said in a written statement.

"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," his statement said. "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."

Chapek replaced Iger in 2020 as CEO and served in the role for nearly three years through the bulk of the pandemic. His sudden resignation was explained by Iger in his message released to Disney employees known within the company as cast members. That message was a clue that things at the company were already changing, according to multiple employees. Several tweeted that they hope Iger can "show clarity with the path forward" for the company.

A longtime Disney observer who was not authorized to comment publicly told the LA Times that "the board came to the conclusion they were losing the heart and soul of the company. This may have seemed quick, but the creative community has been saying that it was just a matter of time. The situation just wasn’t tenable."

Disney profits were down, according to the latest earnings report. Though there was growth for its streaming platform, Disney+, Disney's stock tumbled after a year of sluggish to bad performance, according to a report from Orange County Register. Stock prices for Disney were up Monday morning following the announcement.

Iger served as Disney's CEO for 15 years before stepping down as CEO after more than 40 years with Disney to allow Chapek to lead in 2020. While Iger was CEO, Disney acquired Pixar, Marvel, Lucasfilm and 21st Century Fox.

He returned immediately after Chapek "stepped down from his position," leaving no hole in the leadership, according to the company statement.

Iger has agreed to serve as Disney's CEO for two more years, with "a mandate from the Board of Directors to set the strategic direction for renewed growth," according to a statement released from the Walt Disney Company.

He will work with the Board to "develop a successor" at the end of his term, according to the company.

"We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," said Board Chair Susan Arnold. "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.

"Mr. 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," Arnold said. "He is greatly admired by Disney employees worldwide — all of which will allow for a seamless transition of leadership."

City News Service contributed to this report.