Bob’s back: Iger makes shock return to Disney as CEO

Bob Iger

Last week, when Disney CEO Bob Chapek announced there would be widespread job cuts across the company, no one could have imagined he would be the first out of the door.

But on Sunday, employees received a bombshell memo from former CEO Bob Iger, saying that Chapek was out – and that he would be taking over immediately. Iger spoke of his gratitude, humility and “I must admit, a bit of amazement.”

The news is a surprise given that Chapek was awarded a new three-year contract in earlier this year. But poor Q4 results, primarily brought about the company’s pivot to streaming, seem to have rattled investors. In his memo, Iger presented an upbeat assessment of the company, telling employees: “I am in awe of your accomplishments and I am excited to embark with you on many new endeavours”.

Bob Chapek

Iger went on to say: “I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and cast members achieve the impossible.”

Iger did not attempt to elaborate on Chapek’s proposed cuts. But he did say: You will be hearing more from me and your leaders tomorrow and in the weeks ahead.”