Bob Chapek is stepping down after only two years in the position.
Back in 2020, Bob Iger, longtime CEO of The Walt Disney Company, stepped down from his position and was replaced by Bob Chapek. Chapek took command of the company during an extremely tumultuous time, having to guide business and marketing decisions at the height of the COVID-19 pandemic. Whether due to the pandemic or some other undisclosed factor, it seems Chapek is ceding his position to its previous holder.
Disney announced this week that Chapek will be stepping down from his position, effective immediately, to be replaced once again by Iger.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement. “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.”
As Disney has shed a large portion of its valuation this past year, the move has been viewed positively by Disney shareholders and investors. As a result, Disney’s stock values rose this morning by 9%.
— The Hollywood Reporter (@THR) November 21, 2022
“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 a statement. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”
He went on to say that he is “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.”