Bob Iger returns, Bob Chapek steps down as Disney CEO

(A hill) — Former Disney CEO Bob Iger returns to head the entertainment giant, replacing his successor Bob Chapek.

The surprise news comes days after Disney shares hit a 52-week low, having fallen 41 percent this year.

U press release Disney announced on Sunday that Capek is stepping down and Iger will serve two more years as the company’s top executive.

“We thank Bob Chapek for his service to Disney throughout his long career, including leading the company through the unprecedented challenges of the pandemic,” said Susan Arnold, the company’s chairman.

Arnold added that Iger, who led Disney for 15 years before stepping down in 2020, is “deeply respected” by Disney employees and is “excited” about helping the company navigate new challenges.

“The board has concluded that, as Disney embarks on an increasingly challenging period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal period,” Arnold said.

Iger led Disney through the acquisitions of Pixar, 21st Century Fox and Marvel and the opening of the company’s first theme park in China.

He continued to serve as executive chairman and chairman of the board until the end of 2021.

In a statement Sunday, Iger said he is “optimistic about the future of this great company.”

“Disney and its incomparable brands and franchises hold a special place in the hearts of many people around the world — especially in the hearts of our employees, whose dedication to the company and its mission is inspiring,” Iger said.

Capek, who joined Disney in 1993, was named CEO in 2020. He previously served as Chairman of Disney Parks, Experiences and Products.