Bob Iger, who served as Walt Disney CEO for 15 years until 2020, has taken the job for a second time, effective immediately, the company confirmed Sunday night.
Why it matters: Iger was one of the most celebrated Hollywood executives ever. His successor, Bob Chapek, who took over just as the pandemic hit, was given a multi-year contract extension earlier this year.
What they're saying: "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 board chair Susan Arnold in a statement.
By the numbers: Disney’s share price is languishing near its 8-year low point, and is down 43% from its March 2021 high.
Thought bubble, via Axios' Felix Salmon: Iger's return is explicitly a stopgap appointment, set to last just two years; he gets back his old CEO title but he won’t get back his old job as chairman of the board. The message is that Chapek was a disappointment, and the next two years should provide enough time for a more permanent successor to be found.
Editor's note: This is a breaking news story. Please check back for updates.
