Disney brings back Bob Iger as CEO

New York: Disney ousted chief executive Bob Chapek on Sunday and announced that it had brought back former CEO Bob Iger to once again take the reins.

The change, a dramatic turn of events for one of the largest media conglomerates in the world, was effective immediately, Disney said in a statement.

"We thank Bob Chapek for his service to Disney over his long career," Susan Arnold, chair of Disney´s board, said.

The board of directors decided that as the company "embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead."

Chapek spent two years as CEO, a period that saw Wall Street concerned about rising expenses at the company. Disney´s stock has fallen 41 percent this year.

Iger, who previously served as Disney´s CEO for 15 years, increasing the company´s market capitalization five-fold during that period, has pledged to return as CEO for at least two years, the statement said.

Iger, now 71, had promoted Chapek as his replacement in 2020 but the relationship soured and by early this year the two rarely spoke.

"I am deeply honored to be asked to again lead this remarkable team... through unrivaled, bold storytelling," Iger said.