BURBANK, Calif. (AP) — Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance.
The stunning development comes two weeks after Disney’s quarterly financial performance fell well short of Wall Street expectations on both profit and revenue, a rarity, sending shares tumbling 12%.
The company’s stock jumped more than 6% Monday, with the appointment of Iger effective immediately. The stock is still down 37% this year.
“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,” Iger, 71, wrote in an email to employees.
The tumult atop Disney came quickly with reports that Iger was first approached by board members about a possible return Friday.