Disney has reinstated Bob Iger as CEO. Until recently, the corporation was led by Bob Chapek, who took over in 2020. The announcement comes at a crucial time for Disney, even though it took the media and fans by surprise. The business has recently released a middling earnings report, which shows that Disney’s streaming division experienced a fourth-quarter loss of $1.5 billion. Susan Arnold, Chairman of the Disney Board of Directors, thanked Chapek for his contributions, saying he did a wonderful job managing the firm through the difficult pandemic times, reported CNN.

Before he became a CEO, Chapek served as chairman of Disney Parks, Experiences and Products. He had to handle the unpleasant situation with Scarlett Johansson, one of the company’s biggest stars. One of the troubles was Disney’s legal battle with Florida over the state’s divisive law restricting some LGBTQ topics in the classroom. Iger, on the other hand, publicly opposed the Florida measure.

Arnold stated that the company is undergoing a transformation. The choice to hire Iger for the role was required because he is regarded as one of the company’s most successful CEOs.

Iger served as CEO for 15 years and played a key role in the acquisition of well-known companies, including Pixar, Lucasfilm, and Marvel. He also completed the $71 billion agreement to acquire the majority of 21st Century Fox, and in November 2019, he launched Disney (DIS)+, the company’s streaming revolution. Iger continued to serve as executive chairman and oversee the company’s creative initiatives.

The news was well received by investors, who drove Disney stock up 9% after it had lost about 36% of its value this year.

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