Former Walt Disney CEO, Bob Iger is returning to the media firm less than a year after retiring, an unexpected move that comes as the entertainment company battles to make its streaming TV services profitable.
Iger, who stepped down as CEO last year after 15 years in that position, has decided to continue in that role for another two years, Disney announced in a statement late on Sunday.
Bob Chapek, who became CEO of Disney in February 2020, will be replaced by him.
Disney upset investors this month with a financial report that showed ongoing losses at its streaming media unit, which includes Disney+, even though Chapek had successfully guided the company through the COVID-19 pandemic.
The board has determined that Bob Iger is uniquely positioned to lead the Company during this critical era as Disney embarks on an increasingly challenging phase of industry transition, according to Susan Arnold, chair of the Disney board.
In June, Disney’s board voted unanimously to extend Chapek’s contract for three years.
Through Chapek’s short tenure, Disney became engulfed in an internal culture war after being accused of remaining silent on Florida legislation that would limit classroom discussion of sexual orientation and gender identity.
Iger exited Disney on a high note as the company led the entertainment industry’s battle against Netflix (NFLX.O) in the streaming wars. The economic slowdown and high-interest rates have hurt Disney+ as the company prepares for deep cost cuts.
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