Disney rehires Bob Iger as CEO two years after his early retirement

published, 2022-11-21t04:03:43

Updates, 2022-11-21t04:04:53

Disney has chosen to rehire Bob Iger as CEO — effective immediately amid declining company growth and revenue concerns.

After stepping down from the role in February of 2020, Iger made it clear at the time that he had no intention of returning. However, he has agreed to do so and will serve as CEO for two more years as a way to help get the company back on the right track.

“Mr. Iger, who has spent more than four decades at the company, including 15 years as CEO, has agreed to serve as Disney’s CEO for two years, setting strategic direction for new growth from the board.” and to work closely with the Company. The Board in the development of a successor to lead the Company upon completion of his term. Mr. Iger will replace Bob Chapek, who has resigned from his position .

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The news was delivered via an official statement from Disney, which explained the change and what the company plans to do going forward. This changing of the guard comes just a few months after Chapek signed a new multi-year contract with the company.

However, the statement then went on to thank Chapek for his work at Disney and how he helped navigate the company through the “unprecedented challenges” of the past few years.

Disney statement confirms Bob Iger will only return for a short stint

As confirmed in the full statement, Iger is only set to ship for the next two years. As a result, the company is already eyeing future candidates to take the helm when the time comes. Iger himself will work toward developing “a successor to lead the company upon completion of his term.”

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“I am extremely optimistic about the future of this great company and am thrilled to be asked by the Board to return as its CEO,” Mr. Iger said in the joint statement. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the world – especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. Deeply honored to be asked to lead again, with a clear mission focused on creative excellence to inspire generations through unique, bold storytelling.

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