Bob Iger replaces Bob Chapek as Disney CEO

Walt Disney Co. replaced CEO Bob Chapek with former CEO Bob Iger, effective immediately, the entertainment giant announced Sunday night. Iger has agreed to return as CEO for two years, Disney shared in a statement. He was previously Disney's CEO from 2005 until 2020. Iger has "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," Disney announced. Iger's return and Chapek's departure come days after Disney reported lower-than-anticipated quarterly sales and profits and announced a companywide cost-cutting drive including a hiring freeze on all but the most important jobs. The company's stock has fallen roughly 41% so far this year. Disney said Chapek stepped down from his position. Chapek, who joined the company in 1993, became its CEO in February 2020. Sign up for Ad Age newsletters From influencer marketing to agencies, get the latest news and analysis delivered to your inbox Click here Losses at Disney’s direct-to-consumer arm, driven by the Disney+ streaming service, more than doubled to $1.47 billion in the company’s fiscal fourth quarter, due to higher programming expenses and the cost of rolling out the service in new countries. The shortfall led management to pledge it would seek “meaningful efficiencies” in areas like marketing. Chapek said at the time that the company’s streaming losses were peaking. “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, chairman of Disney's board, said 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.” “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, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” Arnold said. “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 the statement on Sunday night. “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.” Iger's prior tenure as CEO included the company's acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox. Arnold continues as chairman of the board. Subscribe to Ad Age Sign up now for the latest industry news and analysis Click here

Bob Iger replaces Bob Chapek as Disney CEO

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