Bob Iger returns as Disney CEO effective immediately

Bob Iger is back.

Bob Iger is back.

Disney, in a shocking late Sunday announcement, said it had re-appointed Iger as chief executive, effective immediately, after Iger’s handpicked successor as CEO, Bob Chapek, came under fire for his management of the entertainment giant.

“It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer,” Iger wrote to employees in an email, which was obtained by CNBC.

The dramatic upheaval comes 11 months after Iger left Disney, and days after Chapek said he planned to cut costs at the company, which had been burdened by swelling costs at its streaming service, Disney+. Earlier this month, the company’s earnings vastly underperformed Wall Street’s expectations. Even its theme park business, which reported a surge in revenue, delivered less than analysts had projected.

Iger’s return also comes as legacy media companies contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming.

https://www.nbcnews.com/business/business-news/bob-iger-returns-disney-ceo-effective-immediately-rcna58111


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