BURBANK, Calif. — Bob Iger will return as the CEO of the Walt Disney Company less than a year after he retired.
The board of directors at Disney announced Sunday evening that Bob Iger would replace Bob Chapek as CEO effective immediately, according to The New York Times. The company said that Iger would head the company for two more years.
>>More: Disney planning hiring freeze, possible layoffs
“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,” Susan Arnold, chairman of Disney’s board, said in a statement obtained by the Times.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” she added.
Iger, who led Disney for 15 years, said he was “extremely optimistic for the future of this great company and thrilled to be asked by the board to return as CEO,” according to the NYT.
Chapek was named CEO in 2020 after Iger stepped down. He served as the seventh CEO until the announcement Sunday evening.
The news follows cost-cutting measures announced earlier this month after Disney posted lower-than-expected profit and revenue for its fiscal fourth quarter. Cuts included a hiring freeze, limited travel and possible layoffs.
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