Disney recalls Bob Iger as CEO: bye bye Bob Chapek

Bob Iger returns as Disney's CEO effective immediately, replacing Bob Chapek after a brief and tumultuous tenure.

Disney in an announcement late Sunday evening said it had reappointed Iger as CEO, effective immediately, after Iger's chosen successor as CEO, Bob Chapek, came under fire for his stewardship of the entertainment giant. "It is with an incredible sense of gratitude and humility - and, I must admit, a bit of awe - that I write to you this evening with the news of my return to The Walt Disney Company as CEO," Iger wrote to employees in an email. Shares of Disney, a component of the Dow 30, rose 8 per cent in Monday's trading.

Disney recalls Bob Iger as CEO: bye bye Bob Chapek

The news comes 11 months after Iger left Disney, and just days after Chapek said he wanted to cut costs at the company, which has been burdened by rising costs of its streaming service, Disney+. Earlier this month, the company's earnings far exceeded Wall Street's expectations. Even the theme park business, which saw a surge in revenues, underperformed analysts' forecasts. Iger's comeback also comes at a time when traditional media companies are having to contend with a rapidly changing landscape, with advertising revenues dwindling and consumers increasingly cutting back on cable subscriptions in favour of streaming.

Business and Finance terms

Withholding Tax General Accepted Accounting Standards Letter Of Intent Scarcity Year-to-date Long-Term Liabilities Non-Disclosure Agreement Chief Operating Officer Return on Investment Chief Marketing Officer Chief Financial Officer Asset Protection Trust Chief Security Officer Certified Financial Planner Electronic Funds Transfer Limited Liability Company Close of Business Company Finance Cash Flow Automated Teller Machine Return on Equity stagnation Certified Management Accountant Non-Profit Organization Certified Financial Manager Chief Technology Officer Profit and Loss Profit and Loss Statement Gross Margin