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Disney SACKS CEO Bob Chapek, Brings Bob Iger Back Onboard After 2 Years | Read

In a shocking turn of events, Chief Executive Officer Bob Chapek was replaced by former CEO Bob Iger on Sunday, effective immediately.

Disney SACKS CEO Bob Chapek, Brings Bob Iger Back Onboard After 2 Years | Read
Bob Iger served as Disney CEO from 2005 to 2020. (Image Credits: Twitter/DiscussingFilm)

In a shocking development, world’s largest media company Disney replaced its Chief Executive Officer Bob Chapek with former chairman and CEO Bob Iger, according to an official company announcement.

“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 Disney’s board, in a press statement as reported by American entertainment daily The Wrap.

“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 statement further added. “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 report in The Wrap quoted Susan Arnold’s press statement.

Notably, the shares of Disney have fallen by 41% this year. This also comes after it was reported that Bob Chapek was planning a hiring freeze, cost-cuts and layoffs after his tenure was extended earlier this year.

Bob Iger served as Disney’s CEO for 15 years since 2005 till he stepped down in 2020. It was him who named Chapek as his successor in 2020. The two reportedly had a fallout shortly after.

In his press statement obtained by The Wrap, the new CEO 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,” the statement as reported by The Wrap read.


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