Disney’s former CEO Bob Iger is returning to lead the struggling company

On Sunday, the board of Disney made a statement saying that Former Walt Disney Co. Chief Executive Bob Iger will be returning to the company as the Chief Executive Officer.

Iger retired from Disney towards the end of 2021 after he had served as CEO for 15 years as chief executive. He agreed to come back as CEO for an additional two years. He is replacing Bob Chapek, who became the CEO of Disney in February 2020.

Disney’s stock plummeted 40% year to date, and they reported lackluster earnings in the fourth quarter. The streaming business lost $1.5 billion.

Iger had been with the company for almost 50 years when he retired in 2021. Chapek is credited with leading Disney through the COVID-19 pandemic while grappling with controversial political issues. Disney had recently renewed Chapek’s contract for three more years in July.

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” said Iger in a statement on Sunday. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees.”