Friday, December 2, 2022

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Disney stock jumps 10% after Bob Iger returns as CEO

Shares of Walt Disney Co. saw a surge in premarket trading on Monday after news broke that Bob Iger had replaced Bob Chapek as CEO.

The company’s shares soared nearly 10% to an opening price of around $100 on the New York Stock Exchange. The positive stock performance comes after Disney announced on Sunday that Iger would return to his role as head of the company.

Iger, 71, had chosen Chapek, 62, to succeed him when he left Disney in early 2020. Iger led Disney for 15 years, leaving just before the coronavirus pandemic hit the company hard causing closing its theme parks and forcing major movies to be released on Disney+ rather than in theaters.

Chapek’s contract was renewed by Disney earlier this year, but he recently came under fire after a recent quarterly earnings report fell short of the company’s earnings expectations, along with a forecast that Disney+ streaming growth is expected to decline.

The news that Iger would be returning “effective immediately” came through a statement from Susan Arnold, chairwoman of Disney’s board of directors.

“We thank Bob Chapek for his service to Disney over his long career, including guiding the company through the unprecedented challenges of the pandemic,” Arnold said. “The Board of Directors has concluded that as Disney enters an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company through this pivotal time.”

This is a developing story and will be updated as more information becomes available.

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