In a stunning move, Disney announced that long-time CEO Bob Iger is replacing the company’s current CEO Bob Chapek, who stepped down recently. In a statement released by the company, Disney board chairperson Susan Arnold said the company was grateful for Chapek’s leadership during “the unprecedented challenges of the pandemic.” Arnold continued, stating that Iger is “uniquely situated” for leading Disney during “an increasingly complex period of industry transformation.”

Iger will return for two years under a new deal. Iger was CEO of Disney for 15 years after CEO Michael Eisner was ousted in 2005. Iger led the company as it acquired Lucasfilm, Fox, Pixar, and Marvel, as well as launching Disney+ in 2019. Iger is also known for his respect for creatives and for honoring the company’s legacy. 

Iger had this to say about returning to Disney:” 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,”

Iger replaces embattled Chapek, who faced backlash over cost-cutting measures implemented and price hikes at Disney’s parks. In addition, Chapek faced criticism for his response to Florida’s Don’t Say Gay bill. Chapek also received disproval for his handling of the release of Black Widow and the subsequent lawsuit between star Scarlet Johansson and the studio. 

Stay with mxdwn for more news on Disney’s leadership transition.