Bob Iger returns as CEO of Walt Disney Company, board announces

LOS ANGELES -- Bob Iger is returning to the Walt Disney Company as chief executive officer effective immediately.

Current CEO Bob Chapek has stepped down.

A statement from Susan Arnold, the chairman of the Walt Disney Company board of directors, thanked Chapek for his service including navigating the company through the pandemic.

Iger has agreed to serve as Disney's 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.

In a letter to Disney employees Sunday night, Iger said he's excited to embark on new adventures with the company.

Iger stepped down as executive chairman of the board almost one year ago.

He took over the reins as CEO from Michael Eisner back in 2005.

During his tenure, Iger oversaw major acquisitions including Marvel Studios, Pixar and Lucasfilm.

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