Bob Iger is making his return to Disney, who have been struggling mightily, and will re-assume his role as CEO after making it crystal clear that he was not happy with his chosen successor Bob Chapek.
Disney’s board of directors announced the decision Sunday night, which will see Chapek step away from The Walt Disney Co. and Iger make a triumphant return.
“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 Susan Arnold, chairman of the board, in a statement. “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 walked away from his post as CEO back in February 2020, and handed the role to Chapek, who previously led the company’s theme parks and consumer products division.
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 and to work closely with the Board in developing a successor to lead the Company at the completion of his term,” the board said.
Chapek had made a number of poor moves for the brand, including a number of controversies and distractions such as the aggressive campaign against Marvel star Scarlett Johansson that resulted in a settlement overpay for ‘Black Widow’, and Disney’s response to Florida’s so-called “Don’t Say Gay” bill.
Iger is credited with bringing Disney to new heights by acquiring Pixar for $7.4 billion in 2006, Marvel for $4 billion in 2009 and Lucasfilm for $4 billion in 2012
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