Bob Iger, famed as one of the most notable Chief Executive Officers in the history of Walt Disney, has been reappointed as the company’s CEO in a move that has shocked Hollywood. 

He will be taking the place of Bob Chapek, who replaced Iger in 2020 as CEO. The latter will be stepping down with immediate effect. 

Also Read | Quality so bad: Viewers complain about Amazon Prime stream of Green Bay Packers vs Tennessee Titans TNF game

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. “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.”

Chapek had seen the media giant through the pandemic, which was one of the most unstable periods that the company has gone through in its nearly 100-year history. Although its most recent lackluster earnings report showed growth for its streaming endeavors, it came at a great cost. Its stock sank after a year filled with sluggish to bad performance, which saw its streaming business lose $1.5 billion in the fourth quarter.

Also Read | Louis CK nominated for Grammy Award for Best Comedy Album post sexual misconduct allegations

The reason behind the decision to get Iger back into the ring could be that he holds an almost mythical status as the leader of Disney. During his 15-year tenure with the company, he acquired major brands like Marvel and Lucasfilm, which later became home to Star Wars. He was also the mastermind behind the streaming revolution in Disney with the creation of Disney+ in November 2019.

On Sunday, Disney announced that Iger has agreed to serve as CEO for the next 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.”

Also Read | Pirates of the Caribbean film starring Margot Robbie shelved

Back in June, the company said that the board of directors unanimously voted to extend Chapek’s contract as CEO for another three years. His new contract was all set to begin in July and run till 2025. As a result, the sudden move to oust him from the company has shocked many people.

Iger, on the other hand, was set to retire with his legacy as one of Disney’s most successful CEOs.

Also Read | Jimmy Kimmel set for a return as Oscar host

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in a statement Sunday. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”

Iger added that he is “deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”