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Robert A. Iger is returning to lead The Walt Disney Company DIS as Chief Executive Officer, effective immediately, the company said in a statement.
Iger, who spent more than four decades at the company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years. He succeeds Bob Chapek, who has stepped down from his position.
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The position of board chair remains unchanged, with Susan Arnold serving in that capacity, the company said.
During the first week of November, Disney reported a 9% growth in its fourth quarter revenue at $20.15 billion, which came in shy of a Wall Street estimate of $21.25 billion.
Walt Disney shares have lost more than 41% since the beginning of the year.
Contributions: Iger officially joined the Disney senior management team in 1996 as Chairman of the Disney-owned ABC Group, and in 1999, was given the additional responsibility of president, Walt Disney International. In that role, he expanded and coordinated Disney’s presence outside of the United States, establishing the blueprint for the company’s international growth.
Iger and Chapek’s relationship is reported to be soured for some time now, especially in the aftermath of a New York Times story published in April 2020.
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Image and article originally from www.benzinga.com. Read the original article here.