Bob Iger returns as Disney CEO in shocking shakeup

What’s old is new again at Disney (DIS) — Bob Iger is officially back as CEO.

In a shocking turn of events, the media giant announced late Sunday that Iger will return to lead the company as its chief executive officer, effective immediately.

Iger replaces Bob Chapek, who has stepped down from his position after less than three years on the job.

Iger spent more than four decades at Disney, including 15 years as its CEO.

According to the company, Iger will serve as CEO for two years, with a mandate from the Board to “set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”

“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,” Susan Arnold, Disney’s chairman of the board, said in a press release.

Walt Disney CEO Bob Iger attends the European premiere of…

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This article was written by and originally published on finance.yahoo.com