REPORT: Disney CEO Bob Chapek Steps Down In The Middle Of The Night

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Kay Smythe News and Commentary Writer
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Walt Disney’s CEO Bob Chapek reportedly stepped down Sunday night and was replaced by former CEO Bob Iger.

Chapek replaced Iger in 2020. Sunday’s sudden move surprised the media industry but sent Disney shares soaring 9% in premarket trading, CNN reported. Disney stock has lost 40% of its value over the course of 2022 as of Friday’s close, with the company’s streaming business losing $1.5 billion in the fourth quarter of the year.

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

Iger spent more than four decades with the Disney company and remained in the CEO position for 15 years. He will now serve as CEO for two more years, according to the statement. Chapek reportedly stepped down from the position Sunday night after navigating the company through the COVID-19 pandemic and battles with the state of Florida over content policies. (RELATED: Disney Is Increasing The Prices Of Services And Parks Despite Claiming Massive Revenue Increases)

“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, according to the company’s statement. “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.”