Bob Iger, who served as Disney chief executive for 15 years, has replaced successor Bob Chapek after a rocky tenure that lasted just 33 months
Iger, who has sometimes been critical of Chapek’s performance, will serve for two years in the job that made him one of the world’s most celebrated business leaders. Iger has “a mandate from the Board to set the strategic direction for renewed growth”, the company said in a press release.
In a memo to Disney “cast members,” Iger said that he felt “a bit of amazement” that he was returning to the company as CEO.
Disney’s shares have fallen more than 40 per cent this year as investors grew concerned about the high costs of their streaming services, which consumed billions of dollars as Disney competed with Netflix and others tried to lure subscribers with expensive new content. Disney has also been at the centre of a noisy controversy in Florida over a law regulating what teachers can say about LGBTQ issues.
But despite the difficulties, the board renewed Chapek’s contract this summer. The decision to bring Iger back into the company is a surprising reversal by the 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,” Arnold said in a statement.
Rich Greenfield, an analyst at LightShed Partners, said the board’s move was “strange in light of the board’s recent renewal” of Chapek.