US entertainment giant Walt Disney Co. has lured its highly successful former CEO Bob Iger out of retirement to boost investor confidence – and profits.
Disney brings CEO back from retirement
Bob Iger is returning to Walt Disney Co. as chief executive less than a year after he retired in a surprise comeback that coincides with the entertainment company’s bid to boost investor confidence and profits at its streaming media unit.
Iger, who retired last year after 15 years as chief executive, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday.
He will replace Bob Chapek, who took over as Disney CEO in February 2020, just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally.
Disney’s shares have fallen more than 40 per cent so far this year, lagging the almost 7.0 per cent year-to-date drop in the broader Down Jones Industrial Average.