Disney Brings Back Robert Iger After Ousting Chapek as C.E.O. - The New York Times

Iger is returning to the company he ran for 15 years after being succeeded by Robert Chapek in 2020.

In a move that dropped jaws in Hollywood and prompted comparisons to an implausible screenplay, the board of the Walt Disney Company fired Bob Chapek as chief executive on Sunday and announced that Robert A.

Iger would return to run the company, effective immediately.

Chapek, 62, had done irreparable damage to his ability to lead, with a string of missteps resulting in the lost confidence of Wall Street and most senior Disney executives, as well as many rank-and-file employees.

Iger left Disney entirely at the end of 2021, having served as executive chairman for two years to help Mr.

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

“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.”.

Chapek, telling people close to him that he was “devastated” by the downward direction that Disney had taken and that it felt that Disney was losing its soul.

Iger had delayed his retirement from Disney three times and, in some ways, seemed reticent to leave the company when he did.

Iger said in a statement on Sunday night that he was “extremely optimistic for the future of this great company and thrilled to be asked by the board to return as CEO.”8

Chapek did not respond to requests for comment.

Chapek comes in the wake of a disastrous earnings announcement on Nov.

Chapek said that higher Disney+ production, marketing and technology costs had contributed to the “peak” losses.

Cramer ricocheted among senior executives at Disney, who became increasingly irate, with a few telling each other that they had lost confidence in Mr.

Chapek’s ability to lead Disney out of its slump.

Disney shares have fallen 41 percent since January, to about $98, and much of the compensation of senior creative leaders at Disney comes in stock options.

Chapek to close most of the company.

Chapek tried not to take a side at first, at least publicly, which prompted an employee revolt.

Chapek then denounced the bill, setting off a political firestorm, with right-wing figures railing against “woke Disney.”.