David McNew/Reuters
- Disney is replacing its CEO Bob Chapek, the company announced on Sunday night.
- Bob Iger, the company's CEO from 2005 to 2020, is taking over the reins again.
- The surprise move follows disappointing third quarter earnings at Disney.
Former Disney CEO Bob Iger is back in charge at Disney, replacing Bob Chapek after two years.
The company's board announced the snap change in leadership in a press release on Sunday night. The change is effective immediately, per The Walt Disney Company.
Disney said in the release that Iger has agreed to serve as the company's CEO for two years, during which he will work with the Board to find a successor.
"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," said Susan Arnold, Disney board chairman, in the company's press release.
Arnold said Iger has the "deep respect" of Disney's senior leadership and is "greatly admired by Disney employees worldwide."
"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 company's Sunday press release.
"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," he added.
Iger was chairman and CEO of of The Walt Disney Company for 15 years, from 2005 to 2020, when Chapek was named CEO. Iger continued as the company's executive chairman and chairman of its board until 2021.
In 2021, Iger told CNBC he was leaving the company partly because he had become "overconfident" and less tolerant of other people's opinions.
Erik Gordon, a professor at the Ross School of Business at the University of Michigan, called Iger's return to the CEO role the "biggest comeback coup since [Steve] Jobs retook Apple."
This article is breaking news. Please check back for updates.
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