“Not Great, Bob!” Bob Iger Replaces Bob Chapek As Disney CEO After Stock Plummets 40% In One Year

By Samantha Nungesser @samjnungesser
Published Nov. 21, 2022, 9:54 a.m. ET

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Bob Iger is back as Disney’s CEO after stepping down in February 2020 and leaving Bob Chapek in charge of the company. The news, which was announced late Sunday night (Nov. 20), came as a shock to Disney executives as well as the rest of the entertainment industry.

“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 Disney’s board of directors, said in a statement, per Variety. “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.”

The company, which found itself in turmoil after reporting its lowest level of shares in nearly two years earlier this month, had its stock jump 8% to $91.80 per share this morning.

Iger, who worked as an executive at Disney for more than 30 years, became CEO of the company in 2005 after Michael Eisner stepped down from the role. Chapek took over in February 2020, just as COVID-19 began to rapidly spread throughout the world.

Chapek has dealt with his fair share of controversies during his tenure as CEO. Earlier this year he had to issue a public apology for the company’s ties to donations related to the anti-LGBTQ+ legislation in Florida.

The company renewed Chapek’s contract for three years in June, making it all the more surprising that Iger has stepped back in as CEO.

“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, per Variety. “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 continued, “I am 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.”