Bob Iger to Replace Bob Chapek as Disney CEO, Effective Immediately

Somehow, Bob Iger returned to his top position at Disney as CEO. Bob Chapek, who recently re-upped his contract, is out.



According to Deadline, Disney's board sent out a sudden, surprising message tonight that effective immediately, Bob Iger would be replacing Bob Chapek as CEO of The Walt Disney Company. Iger will spend the next two years as the company's CEO, with Chapek exiting his role. Iger's goal during this time is to help with corporate growth, and he is currently not expected to stay on-board past the completion of his new contract, as the press release indicates that during this time, he will be helping to prepare a successor to handle future operations of the company. Susan Arnold, Disney's Chairman of the Board, said the following about Chapek's exit and Iger's shocking reappearance:

Bob Iger has issued the following statement about his return to the House of Mouse:

The corporate switch-up follows reports of growing pains at Disney in the post-COVID-19 landscape, as the stock price has struggled amidst the company's efforts to become a streaming-driven company. While services like Disney Plus, Hulu, and ESPN Plus have all performed well, the company's rising debts have been of concern to Wall Street, and Bob Chapek's leadership has been one wrought with controversy, even though the board unanimously voted to extend his contract for three years prior to this recent shake-up. Bob Iger is well-regarded as an executive, successfully managing to reinvigorate Disney with expansions to the park and multiple successful media acquisitions, including Pixar, Marvel Entertainment, Lucasfilm, and Twentieth Century Studios.



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