Bob Iger is named CEO of Disney immediately.

Bob Iger poses with Mickey Mouse at Mickey’s 90th performance at The Shrine Auditorium on October 6, 2018 in Los Angeles.

Valerie Macon | AFP | Getty Images

Bob Iger is back.

Disney reappointed Iger as CEO Sunday night, effective immediately after previous CEO Bob Chapek came under fire for his management of the entertainment giant.

“We thank Bob Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of Disney. She will remain in this role.

The dramatic upheaval comes 11 months after Iger left the company and days after Chapek said he plans to cut costs at a company that has been saddled with rising costs for the Disney+ streaming service. The company’s earnings report released earlier this month far beat Wall Street’s expectations. Even the theme park business, which reported a sharp increase in revenue, came in below what analysts had predicted.

Capek, whose contract with the CEO was renewed earlier this year, has scheduled hiring freezes, cost cuts and layoffs across the company.

Read the full Disney issue here:

The Walt Disney Company (NYSE:DIS) announced today that Robert A. Iger is returning to lead Disney as CEO, effective immediately. Mr. Iger, who has been with the company for more than four decades, including 15 years as its CEO, has agreed to serve as CEO of Disney for two years with a mandate from the Board to set the strategic direction for renewed growth and work closely with the Board of Directors on selection of a successor who will head the Company at the end of his term. Mr. Iger succeeded Bob Chapek, who stepped down from his post.

“We thank Bob Chapek for his service to Disney throughout his long career, including guiding the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of the board. “The Board concluded that as Disney enters an increasingly challenging period of industry transformation, Bob Iger is in a unique position to lead the company during this pivotal period.”

“Mr. Iger is deeply respected by Disney’s senior management, with most of whom he worked closely with prior to his resignation as Executive Chairman 11 months ago, and greatly admired by Disney employees around the world – all of which will be enabled by a leadership change,” she said. .

The position of the Chairman of the Board remains unchanged, in this capacity is Ms. Arnold.

“I am very optimistic about the future of this great company and very pleased that the Board of Directors has asked me to return as its CEO,” said Mr. Eiger. “Disney and its incomparable brands and franchises hold a special place in the hearts of many around the world, especially our employees, whose dedication to this company and its mission inspires me. I am honored to be asked to once again lead this wonderful team with a clear mission focused on creative excellence to inspire generations through unparalleled, bold storytelling.

“During his 15 years as CEO, from 2005 to 2020, Mr. Iger helped build Disney into one of the world’s most successful and respected media and entertainment companies, with a strategic vision centered on creative excellence, technological innovation and international growth. Through the acquisition of Pixar, Marvel, Lucasfilm, and 21st Century Fox, Disney’s legacy of unparalleled storytelling and the company’s five-fold market capitalization during his tenure as CEO Mr. Iger continued to lead Disney’s creative efforts until his departure as Executive Chairman in December last year. The company’s reliable content flow is a testament to its leadership and vision.

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