Bob Iger to Take Charge After Disney Ousts Bob Chapek as CEO The board decided to relieve Chapek of his duties due to a string of mistakes that resulted in the loss of confidence of many Disney executives as well as the Wall Street

The board of Walt Disney Company fired Bob Chapek as the chief executive officer and announced the return of Robert A. Iger for the role with immediate effect.

Iger said in his mail to the Disney employees, "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."

Disney in essence is replacing Iger's handpicked successor with Iger. The board decided to relieve Chapek of his duties due to a string of mistakes that resulted in the loss of confidence of many Disney executives as well as the Wall Street.

Iger left Disney at the end of 2021, having served as the executive chairman for two years in order for Chapek to gain his footing. The board has clearly stated that Iger has been called back on a temporary basis. Iger has been given two years to stabilize the company as well as groom a successor.

"We thank Bob Chapek for his service. 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," said Susan Arnold, the board chair, in a statement.

The surprise ousting of Chapek and reinstatement of Iger come as a result of a disastrous earnings announcement on 8 November. Wall Street was blindsided by Disney when the company reported $1.5 billion in losses, an increase from $630 million a year prior, at its streaming division.

Disney generated $20.15 billion in revenue in three months that ended on 1^st October, a nine per cent increase from last year. However, analysts had predicted $21.3 billion. Profit totalled approximately $162 million or 9 cents a share, roughly flat from the previous year.