Bob Iger is back at The Walt Disney Company (NYSE:DIS) as CEO, replacing his own handpicked successor, Bob Chapek, after two and half years.
Iger has agreed to serve as chief executive for two years, the media and entertainment company said in a shock statement last night.
Disney said that Iger will be tasked 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,” said Susan Arnold, chairman.
“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,” said Iger.
The 71-year-old spent over four decades at Disney and held the position of CEO between 2005 and 2020, before becoming executive chairman until the end of 2021 when he left the business completely.
He helped build teh business into “one of the world’s most successful and admired media and entertainment companies,” Disney said.
During his first stint as CEO Iger oversaw a host of major acquisitions, including Pixar, Marvel, Lucasfilm and 21st Century Fox (NASDAQ:FOXA) and all the rights to all the films that come with it, including the Star Wars franchise.
Paola Pescatore, a tech, media and telcoms analyst at PP Foresight said the appointment comes as a “huge surprise and completely unexpected.”
“It underlines the state of the streaming landscape and challenges faced by all traditional media companies pivoting towards this new world.”
“The bold move might feel like the right one. However, the business is at a different please of growth. It will take time and immediate success is not guaranteed.”