In a dramatic turn of events, Disney announced that it has fired its CEO Bob Chapek and replaced him with former chief executive Bob Iger. The company released a statement thanking Chapek for "his service to Disney over his long career."
Iger, who stepped down from Disney after 15 years with the company, will now serve as the CEO for two more years.
Chapek, who joined in 2020, has helmed Disney through the COVID-19 pandemic, was reportedly ousted for the company's lacklustre performance, incurring continued losses in the streaming business.
In his two years as CEO at Disney, the company saw rising expenses and falling stocks. This year, Disney stock fell 41%.
Chair of Disney's board Susan Arnold announced that Iger is "more uniquely suited" to lead the company through its "increasingly complex period of industry transformation."
In his one-and-a-half-decade tenure at Disney, Iger boosted the company's market capitalisation five times.
He will be serving as CEO to steer the company through the crisis for at least two more years.