After many months of turmoil at Disney, from falling stock to high-profile celebrity clashes, Bob Chapek has stepped down as CEO to be replaced by his predecessor, Bob Iger.
The Walt Disney Co. made the stunning announcement today, revealing that the change will take effect immediately.
Chapek took over as CEO in February 2020 amid the pandemic, the move marking the end of Iger’s 15 years at the helm.
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“We thank Bob Chapek for his service to Disney throughout his long career, including navigating the company through the unprecedented challenges of the pandemic,” board chair Susan Arnold said in a statement today.
“The Board has concluded that, as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this crucial period.”
Returning CEO Iger said elsewhere: “I am extremely optimistic about the future of this great company and am thrilled that the Board has asked me to return as CEO.
“Disney and its unparalleled brands and franchises hold a special place in the hearts of so many people around the world, especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.
“I am deeply honored to be asked to once again lead this extraordinary team, with a clear mission focused on creative excellence to inspire generations through bold and unparalleled storytelling.”
The sensational backflip comes after a tumultuous run by Chapek at the top.
Chapek’s role at the world’s largest entertainment company was an uphill battle from the start, starting with the closure of theme parks and cinemas amid lockdown restrictions, leading to Disney posting its first loss quarterly since 2001 of a whopping $1.5 billion.
Overall, IndieWire reports that Disney’s stock price has fallen more than 30 percent since Chapek took over as CEO.
It was not the only scandal under Chapek’s watch.
For the past two years, the company has released movies simultaneously on Disney+ and in theaters as a result of the pandemic, which prompted legal action from one of its stars.
In 2021, Scarlett Johansson launched a major lawsuit against the movie giant, claiming that the debut of her latest Marvel film, black widowon Disney+ was a breach of their contract.
According to the complaint, Johansson’s representatives attempted to renegotiate her contract after learning of the simultaneous release strategy of black widow. But both Disney and Marvel reportedly did not respond, and sources revealed that ScarJo has lost more than $67 million as a result of the Disney+ launch.
Johansson reached a private settlement in October.
Terms of the deal were not disclosed, but both sides said they had managed to reach a “mutual agreement.”
“I am pleased to have resolved our differences with Disney,” Johansson said in a statement. “I’m incredibly proud of the work we’ve done together over the years and I’ve really enjoyed my creative relationship with the team. I look forward to continuing our collaboration in the years to come.”
Chapek’s predecessor, Iger, held the top job at Disney from 2005 to 2020, where he oversaw the acquisitions of Pixar, Marvel and Lucasfilm.
Although he reportedly planned to retire at various points during his tenure, his contract was extended due to difficulties in finding a suitable successor, he eventually settled on Chapek and remained as executive chairman.