Walt Disney Co. brought Robert Iger back as CEO, ending Bob Chapek’s bumpy two-year run in a surprise weekend shake-up.
The announcement was cheered by investors, who powered Disney stock more than 8 percent in early trading Monday.
Iger will serve with a mandate from the board to select a successor, the company said in a news release.“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, chairman of the Disney board said. “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.
Disney missed Wall Street expectations as it recorded losses from its push into streaming video. It produces series such as the Star Wars spinoffs “The Mandalorian,” “Andor” and “Obi-Wan Kenobi.”During Chapek’s short tenure, Disney became embroiled in an internal culture war as its missteps over LGBTQ discussions in Florida’s schools sparked fury from Disney’s LGBTQ employees.
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