11/21/2022, 4:42 AM (Source: TeleTrader)
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Bob Iger back as Disney CEO

The Walt Disney Company announced on Monday that Bob Iger will be returning to lead Disney as chief executive officer effective immediately, replacing Bob Chapek.

The businessman has agreed to a two-year mandate, tasked with setting a "strategic direction for renewed growth," the company said in a statement. "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," Board Chairman Susan Arnold stated. Iger expressed his gratitude noting that he is "extremely optimistic" for Disney's future and aiming for "creative excellence to inspire generations through unrivaled, bold storytelling."

The reappointed CEO stepped down from his position in 2020, after a 15-year reign during which Disney acquired Pixar Animation Studios, Marvel Entertainment, Lucasfilm Ltd, and Twenty-First Century Fox Inc. The move comes as Disney's shares plummeted to the lowest value since March 2020, prompted by fourth-quarter earnings missing the expected mark.

Baha Breaking News (BBN) / MX