Bob Iger Releases Official Statement After Taking Over As Disney CEO

Last night, the nation was left shocked when The Walt Disney Companyannounced Bob Chapek, 62, would be stepping down as CEO of the company, while Robert A. Iger, 71, would return to run the company, effective immediately.

Mr. Iger previously served as Disney’s CEO from 2005 to 2020 and is considered one of the best leaders in Hollywood history, especially amongst the Disney community. He has agreed to a two-year contract.

“We thank Bob Chapek for his service,” Susan Arnold, the board chair, said in a statement. “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.”

The news broke after Bob Iger sent out an email to Disney employees, announcing his return to the company.

"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 began.

The 71-year-old continued to highlight some of the profits and growth across the company, explaining, "When I look at the creative success of our teams across our Studios, Disney General Entertainment, ESPN and International, the rapid growth of our streaming services, the phenomenal reimagining and rebound of our Parks, the continued great work of ABC News, and so many other achievements across our businesses, I am in awe of your accomplishments and I am excited to embark with you on many new endeavors."

Throughout the last few years, the Walt Disney Company implemented many layoffs due to the coronavirus pandemic, a well as implemented many new procedures, including a Park Pass reservation system for the Walt Disney World and Disneyland Parks, and a paid Disney Genie+ system that allows Guests to bypass attraction lines.

"I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty -perhaps especially in the face of uncertainty – our employees and Cast Members achieve the impossible," Iger continued in his email to Disney employees.

"You will be hearing more from me and your leaders tomorrow and in the weeks ahead. In the meantime, allow me to express my deep gratitude for all that you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day," he concluded.

Mr. Chapek did not respond to requests for comment by The New York Times.

Bob Chapek has been CEO since 2020 after Bob Iger stepped down from the position. He has run the company during the COVID-19 pandemic as well as had to make some difficult decisions throughout these last two years.

Some of those decisions included budget cuts and layoffs of thousands of Cast Members after the Parks shutdown due to the ongoing pandemic as well as price increases in the theme parks. He also was part of the launch of Disney Genie, including the new paid FastPass system, Lightning Lane, which had fans up in arms.

Many have been open and honest about their feelings regarding Bob Chapek as CEO, expressing that he is not taking the company in the appropriate direction.

The news of Bob Iger returning and Bob Chapek stepping down comes just days after Chapek said he planned to cut costs at the company and after the company’s earnings underperformed Wall Street’s expectations.