BURBANK, Calif. — The Walt Disney Company announced late Sunday that former CEO Bob Iger will return to lead the company for two years in a move that surprised the entertainment industry.
Disney said Bob Chapek, who succeeded Iger in 2020, has stepped down.
“The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the Company through this pivotal period,” board chairwoman Susan Arnold said in a Disney statement.
Read more: Disney CEO Bob Iger is TIME’s 2019 Businessman of the Year
Arnold thanked Capek for his service, including his time during the “unprecedented challenges of the pandemic.”
Iger led Disney through the acquisition of the entertainment businesses of Lucasfilm, Pixar, Marvel and Fox and the launch of Disney Plus.
Earlier this month, Disney posted lower-than-expected results for its fiscal fourth quarter.
Iger led Disney for 15 years before stepping down in 2020.
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