In a shocking move, it was announced last night that Bob Chapek has stepped down from his position as CEO of The Walt Disney Company. even more shocking is his replacement - former CEO Bob 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. 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," said Susan Arnold, Chairman of the Board for Disney.
Iger will once again serve as CEO for the next 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."
Chapek, who wasn't exactly popular with Disney fans, just renewed his contract in July. He was set to serve until 2025.
"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," said Iger in a statement. He added 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."
The news of the change-up comes after a huge loss - $1.5 billion - of streaming revenue for the fourth quarter, as well as a huge dip in Disney's stock value.