Shares of The Walt Disney Company rose almost 10 percent on Monday after the opening of the New York Stock Exchange, after the multinational confirmed the «immediate» return for a period of two years of the historic Robert A. Iger as CEO of the company, a position he held for 15 years and that in early 2020 had left in the hands of Bob Chapek, who has resigned from the post.
After the announcement, Disney shares rose to $100.89 from $91.89 at the close of trading last Friday, up 9.8%.
Since Iger’s departure at the beginning of 2020, before the Covid-19 pandemic, Disney’s shares have been devalued by around 30 percent, reducing the multinational’s capitalization by more than 70 billion dollars (67.8 billion euros).
Robert Iger has agreed to take back the reins of the company for two years, with a mandate to set Disney’s strategic direction for renewed growth and to work closely with the board «in developing a successor to lead the company at the end of his tenure.»
Last June, Disney’s board of directors had decided to extend for three years the term as CEO of Bob Chapek, who took the reins of the company in February 2020.
«We thank Bob Chapek for his service to Disney during his long career, including leading the company through the unprecedented challenges of the pandemic,» said Susan Arnold, chairwoman of the board.
«The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal period,» the board added.
Following his appointment, the storied Disney executive stressed his «extreme optimism» about the company’s future. «I am deeply honored to be asked to return to lead this extraordinary team, with a clear mission focused on creative excellence to inspire generations through bold and unparalleled storytelling,» he said.
During his 15-year tenure as CEO from 2005 to 2020, Bob Iger helped build Disney into one of the world’s largest media and entertainment companies, leading the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox, which resulted in a five-fold increase in the company’s market capitalization during his time as CEO.
