Disney Replaces CEO Bob Chapek with Bob Iger, Stocks Rise

On Sunday, Disney announced the reappointment of Bob Iger as Chief Executive Officer, replacing Bob Chapek. Iger will take over the role immediately. 

According to CNBC, this announcement comes just days after Chapek declared his plans to cut costs as the company’s earnings failed to meet expectations. Additionally, CNBC reported, “Shares of Disney have fallen about 41% so far this year, as of Friday’s close. The stock hit a 52-week low Nov. 9.”

Iger left his role at Disney with no plans of returning. However, in an email to employees obtained by CNBC, he explained his excitement for the unexpected turn of events. “It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer.”

Chapek weathered many storms during his short reign as CEO. He faced the challenge of leading the company through unprecedented times brought on by the Covid-19 pandemic when he took over in 2020. He also was “criticized for his handling of the controversy over Scarlett Johansson’s pay for her work in the Marvel movie “Black Widow” as well as his “initial silence about the “Don’t Say Gay law in Florida,” according to CNBC.

On Monday, following Disney’s announcement of reappointing Bob Iger as CEO, stock rose more than 6%.