Disney brings back former CEO
The Walt Disney Company announced that it brought back Bob Iger as chief executive. Iger was chief executive for 15 years and retired as chairman last year. This news immediately boosted investor confidence and the company’s stocks. The announcement says that Bob Iger has agreed to serve as CEO for two more years effective immediately. He is expected to curb the current crisis. Notably, the company has posted the biggest loss since the 1970s and showed mounting losses at its streaming media unit that includes Disney+. After Iger took his post, Disney’s shares soared to $101.5. "The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period," Chairwoman Susan Arnold said in the statement. In total, Bob Iger, 71, worked at Disney for more than 40 years. During this time, the company acquired Pixar, Marvel, Lucasfilm, and 21st Century Fox studios as well as launched the Disney+ streaming service. In 2020, Iger retired, saying he no longer planned to lead large companies anymore.