In a somewhat shocking Sunday announcement, Disney has announced it is re-appointing former executive Bob Iger as the company’s CEO, replacing Bob Chapek who had departed.
“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 Company as Chief Executive Officer,” Iger reportedly wrote to employees in an email.
Iger departed the company a mere 11 months ago. In that timeframe, Disney’s stock price dropped 41%.
Chapek, who was appointed to the company’s CEO position in February of 2020 stepped down, according to a report from CNBC. He had signed an contract extension earlier this year to remain in the role.
Chapek’s tenure was heavily criticized from many different avenues, including from employees over his silence on the “Don’t Say Gay” law passed in Florida. He also received pushback from lawmakers after then opposing the bill.
In the sports world, Chapek and Iger clashed about prices for ESPN+, the streaming service offered by the worldwide leader. The pair eventually had a falling out of several large disagreements about the company’s future.
Iger returns to the role he held for 15 years. In a press release, he said he will help the company find a successor.
“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,” Iger added.
