In a surprise shakeup, Bob Chapek is stepping down as CEO of Disney, the business announced Sunday night. His replacement? Former Disney CEO Bob Iger.
The news came as a surprise to many, including within the company, with Iger stating in an email to employees obtained by The Wrap that he is returning to Disney with an “incredible sense of gratitude and humility — and, I must admit, a bit of amazement.”
Who is Bob Iger?
Iger was the CEO of Disney from 2005 to 2020, after which he was replaced by Chapek.
According to a statement by Disney, Iger was asked by the board of directors to return for two years, “with a mandate from the Board to set the strategic direction for renewed growth” and to work with the board in “developing” a successor.
Why is Disney replacing Bob Chapek?
The decision to replace Chapek comes as Disney faces poor earnings.
Disney reported “lower-than-expected” earnings in its fourth quarter, per Fortune, causing shares to drop 13%.
Chapek also faced criticism for his slow response to Florida’s Parental Rights in Education Act, called the “Don’t Say Gay” bill by critics.
Susan Arnold, Chairman of the Board for Disney, thanked Chapek for his service in a statement released Sunday night.
“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Arnold stated.
“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.”