Bob Iger Returns As Disney CEO

Disney has re-appointed Bob Iger as its CEO with immediate effect. 

This decision comes soon after Bob Chapek the now former CEO came under fire for his management practices at Disney. The sudden move comes less than a year after Iger left Disney, and days after Chapek said he planned to cut costs at the company, which had been burdened by swelling costs and Disney+, its streaming service. The idea is to take Iger's help so as to develop his new successor for the board.

Speaking about the turn of events, Iger says, “It is 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 to The Walt Disney Company as Chief Executive Officer,” to the employees in an email. 

The move in retrospect does not seem to be unanticipated. Disney's earnings release earlier this month vastly underperformed on Wall Street. Even its theme park which makes massive revenue has delivered less than what analysts had projected. 

Shares of Disney have fallen about 41 per cent so far this year, and the stock hit a 52-week low earlier in November. Employees are also angered at Chapek's silence over 'Don’t Say Gay' law in Florida, which is where the Walt Disney World resort is located. He has received blowback from Republican politicians for opposing it.