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In A Stunning Move, Bob Iger Is Reinstated As CEO of Disney

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At Disney (DIS), they make old things into new ones all the time: Bob Iger has been reinstated to his position as CEO. It came as a complete surprise when the media conglomerate made the announcement late on Sunday night that Iger will be rejoining the firm in his previous role as chief executive officer, effective right away.

Iger takes over for Bob Chapek, who resigned from his position after serving for fewer than three years in that capacity. Iger succeeds Chapek. Iger worked for Disney for over 40 years, serving as the company’s CEO for 15 of those years.

Iger will reportedly serve as CEO of the company for a period of two years, during which time he will be tasked by the Board of Directors with “setting 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.”

“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,” Susan Arnold, Disney’s chairman of the board, said in a press release. “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 announcement comes just a few short months after the board of directors at Disney unanimously voted in June to extend Chapek’s contract for an additional three years, through the year 2025. The board of directors recognized at the time that Chapek’s leadership was critical in assisting the company in overcoming the challenges posed by the pandemic.

Despite this, his career has been marked by a great deal of controversy, ranging from political conflicts and problems with A-list talent to contentious reorganizations and the ever-present presence of Iger, who has voiced his disagreement with a number of Chapek’s actions.

Disney stock has decreased by approximately 19% since Chapek took over as CEO of Disney at the end of February 2020, while the S&P 500 index has increased by approximately 34% during the same time period. Iger was quoted as saying in the announcement’s press release, “I am happy to be asked by the Board to return as its CEO and I am immensely enthusiastic for the future of this wonderful company.”

Disney and its outstanding brands and franchises occupy a particular place in the hearts of so many people across the globe—most importantly in the hearts of our employees,” he continued after saying this. “Their dedication to this organization and its mission is an inspiration.” “It is a tremendous honor to be invited to once more lead this extraordinary team, which has a crystal clear objective focused on the pursuit of creative excellence in order to inspire generations via unparalleled, daring storytelling.”

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