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Disney Shocker: Bob Chapek Out as CEO, Bob Iger (Back) In!

Bob Chapek Bob Iger

There’s been a stunning turn of events inside the Mouse house.

Walt Disney’s embattled CEO, Bob Chapek. has stepped down from his post; he will be replaced by his predecessor Bob Iger.

“The Walt Disney Company announced today that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately,”  Disney’s Board of Directors announced late Sunday. “Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Mr. Iger succeeds Bob Chapek, who has stepped down from his position.”

Susan Arnold, Chairman of the Board, said in a statement, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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.

“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago,” she added, “and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership.”

In his own statement, Iger said, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO. 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. 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.”

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