Bob Iger Returns to Disney, Replaces Bob Chapek as CEO

In one of the most shocking industry moves of the year, Bob Iger has found his way back to Burbank as the chief executive for The Walt Disney Company. Late Sunday night, Disney announced Iger's return, replacing his own successor Bob Chapek for the foreseeable future. It's being reported Chapek stepped down from the position as the Board approached Iger to return to his role. The executive previously retired in 2020.

"We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," Susan Arnold, Chairman of the Board, said in a statement distributed by the company late Sunday night. "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."

"Mr. Iger has the deep respect of Disney's senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership," she said. 

Iger's first stint as CEO lasted from 2005 until 2020, a reign in which he oversaw the acquisitions of Lucasfilm, Marvel, and Pixar. Iger also orchestrated the industry-shifting merger of Disney and 21st Century Fox. He also oversaw the launch of Disney+.

"I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO," Iger added in the press release. "Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. 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."

Prior to his CEO role, Iger served as President and Chief Operating Office of the company. He first cut his teeth at the Mouse in an executive role as ABC Group.

Iger also served as Chairman of the Board until 2021 when Arnold took over, a position she'll continue to hold under Iger's second reign.